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Please solve by hand writing, NOT excel Question 14.18 A perpetuity pays 1 at the beginning of each year. The perpetuity's Macaulay duration is 28

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Please solve by hand writing, NOT excel

Question 14.18 A perpetuity pays 1 at the beginning of each year. The perpetuity's Macaulay duration is 28 years. The yield of the perpetuity is expressed as an annual effective interest rate. Calculate the modified duration of the perpetuity. A 27.0 B 27.2 C 27.4 D 27.6 E 27.8

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