Given the following:

Face amount: 1000

Purchase date: Jan 1, 1980

Maturity Date: December 31, 1990

Coupon rate: 8%

Yield to maturity: 8%

Coupon payments are annually on December 31

Calculate the macaulay duration of a bond as of Jan 1, 1988.

A. <2.770, B >2.77 but <2.78, C. >2.78 but <2.79, D. >2.79 but <2.8, E >2.8

Please, no excel spreadsheets