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Problem 2: Consider a bond with price, P =100 and dP/di = -500 dollars per semiannual rate. If the yield to maturity is 8% per

Problem 2: Consider a bond with price, P =100 and dP/di = -500 dollars per semiannual rate. If the yield to maturity is 8% per annum compounded semiannually then find the Macaulay Duration in units of years and with final answer correct to 2 places after the decimal point. The Macaulay Duration is ___________years.

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