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Mustafa's portfolio consists of an annuity with monthly payments of $1,000 each month for five years and a $20,000 8% eight-year par-value bond bearing semiannual

Mustafa's portfolio consists of an annuity with monthly payments of $1,000 each month for five years and a $20,000 8% eight-year par-value bond bearing semiannual coupons. Calculate the Macaulay duration of the portfolio at 9%.

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