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Michael Myers purchases a $1,000, 14-year municipal bond from the Haddonfield, IL, local government. The bond has a coupon rate of 4%, interest is paid

Michael Myers purchases a $1,000, 14-year municipal bond from the Haddonfield, IL, local government. The bond has a coupon rate of 4%, interest is paid semi-annually. Face value of $1,000. YTM is 3%. What is the Macaulay Duration on his bond?

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