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NO EXCEL PLEASE Please show the steps and an explanation. If your answer does not match the correct answer please don't post it leave it for someone who can solve it.
correct answer is 7.84562
(9.2) Macaulay and modified duration (1) Compute the Macaulay duration of a ten-year 6%$1,000 bond having annual coupons and a redemption of $1,200 if the yield to maturity is 8%Step by Step Solution
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