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please explain by steps and dont use excel. thank you Question 14.05 Consider two annuities that have the same yield and make annual payments. The

please explain by steps and dont use excel. thank you
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Question 14.05 Consider two annuities that have the same yield and make annual payments. The first annuity is a level n-year annuity-due, and its Macaulay duration is 3. The second annuity is a level n-year annuity-immediate, and its Macaulay duration is X. Calculate X. A 3.00 B 3.25 C 3.50 D 4.00 E 4.50

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