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Consider the following three bonds: Consider a bond with the following features and a hypothetical settlement date of 10 October 2019. Annual Coupon 5% Coupon

Consider the following three bonds:

Consider a bond with the following features and a hypothetical settlement date of 10 October 2019.

Annual Coupon

5%

Coupon Payment Frequency

Semiannual

Interest Payment Dates

30 December and 30 June

Maturity Date

30 December 2020

Day-Count Convention

30/360

Annual Yield-to-Maturity

6%

You want to calculate the bonds Macauley duration using the following table:

Period

Time to Receipt

Cash Flow

Present Value

Weight

Time Weight

1

2

X

3

What is the value of X in this table (e.g., the value for 'Time x Weight' in row 2)? Round your answer to three decimal places.

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