The current price of a bond is 100. The instantaneous rate of change or derivative of the price of the bond with respect to the yield rate is 700. The yield rate is an annual effective rate of 8%. Calculate the Macaulay duration of the bond. Note: Recall that it is customary to drop the negative when computing volatility or modified duration. (a) 7.00 (b) 7.49 (c) 7.56 (d) 7.69 (e) 8.00