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Find the Macaulay duration of a 14-year mortgage with level annual payments of $80 at an effective annual rate of interest of 3%. Possible Answers

Find the Macaulay duration of a 14-year mortgage with level annual payments of $80 at an effective annual rate of interest of 3%.

Possible Answers A 6.83 B 7.02 C 7.25 D 7.49 E 7.58

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