Consider 2 bonds:

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Consider the following two bonds which make semiannual coupon payments: a 20-year bond with a 6% coupon and 20% yield, and a 30-year bond with a 6% coupon and a 20% yield. For each bond, compute the price value of a basis point. For each bond, compute Macaulay duration. "For otherwise identical bonds, Macaulay duration is increasing in time to maturity." Is this statement always true? Discuss