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Consider a newly issued 10-year, 8% annual-pay bond priced at $855.03 to yield 10.4%. Calculate the bond's Macaulay duration: a. 12 b. 7 c. 13

Consider a newly issued 10-year, 8% annual-pay bond priced at $855.03 to yield 10.4%.

Calculate the bond's Macaulay duration:

a. 12

b. 7

c. 13

d. 15

e. 10

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