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The UNO Bank is attempting to manage the banks balance sheet portfolios. The portfolio has a five year bond with a face value of $1000

The UNO Bank is attempting to manage the banks balance sheet portfolios. The portfolio has a five year bond with a face value of $1000 and pays an annual coupon rate of 7 percent. The principal is repaid at maturity. Calculate the Macaulays duration of this bond if the interest rates are 9%.

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