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Under a flat interest rate term structure, the 3-year deferred, 1-year forward annual effective interest rate is 5%. Calculate the Macaulay convexity for a 3-year

Under a flat interest rate term structure, the 3-year deferred, 1-year forward annual effective interest rate is 5%. Calculate the Macaulay convexity for a 3-year annuity immediate whose first annual payment is $700 and each subsequent payment is 5% higher than the previous payment. (keep 2 decimal places in your answer)

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