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Consider a newly issued 4 - year, 3 . 1 1 % annual - pay bond trading at par. The present values of each of

Consider a newly issued

4 -

year,

3.11 %

annual

-

pay bond trading at par. The present values of each of the bond

s promised payments, discounted at

6.11 % .

Its Macaulay duration is closest to

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