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Rajab just bought a bond, issued by Nadwa Corp. The bond has a coupon rate of 15% paid annually, a face value of $1,000

Rajab just bought a bond, issued by Nadwa Corp. The bond has a coupon rate of 15% paid annually, a face value of $1,000 and matures in three years. The yield-to-maturity on comparable bonds is 20%. What is Macaulay duration of the bond?

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