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New South Wales Treasury has issued $1,000 face value, 4-year bonds that pay annual coupons at a rate of 9 per cent.The market interest rate

New South Wales Treasury has issued $1,000 face value, 4-year bonds that pay annual coupons at a rate of 9 per cent.The market interest rate is currently at 9%.

Part a) What would be the bond's market value (price)?

Part b)Calculate the duration of the bonds.

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