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Terms of a bond: Face amount - $1,000 Redemption amount - $1,000 Term - 10 years Coupons - 6%, payable semi-annually Yield rate - 5%,

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Terms of a bond: Face amount - $1,000 Redemption amount - $1,000 Term - 10 years Coupons - 6%, payable semi-annually Yield rate - 5%, convertible semi-annually Compute the Macaulay duration of the bond. Possible Answers A 7.41 B 7.57 C 7.64 D 7.76 E 7.83

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