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Laurie bought a 5-year coupon bond with a redemption value of 1,000 paid at the end of the 5 th year. Coupons are paid at

Laurie bought a 5-year coupon bond with a redemption value of 1,000 paid at the end of the 5^th year. Coupons are paid at the end of each year. The bond has an annual yield rate of 6%.

The bond has a modified duration of 4.045 and a modified convexity of 21.664.

Calculate the Macaulay convexity of the bond.

A. 18.4

B. 19.3

C. 20..1

D. 24.3

E. 23.0

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