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Elsa has a portfolio consisting of the following: 750 shares of preferred stock with annual dividends of $0.26 19-year $3500 zero-coupon bond Find the Macaulay

Elsa has a portfolio consisting of the following:

750 shares of preferred stock with annual dividends of $0.26

19-year $3500 zero-coupon bond

Find the Macaulay duration of Elsa's portfolio at 4%. Round your answer to three places after the decimal.

Prefer hand written response if possible. Thanks.

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