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Question 3. A bond will pay a coupon of 100 at the end of each of the next three years and will pay the face

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Question 3. A bond will pay a coupon of 100 at the end of each of the next three years and will pay the face value of 1000 at the end of the three-year period. Calculate the bond's Macaulay duration using an annual effective interest rate of 20%. Hint: 2.7

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