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Using a yield rate of i = 6%, the Macaulay duration of a series of payments is 3.99565 and the present value (price) is $10512.10.

Using a yield rate of i = 6%, the Macaulay duration of a series of payments is 3.99565 and the present value (price) is $10512.10. Using the first-order Macaulay approximation, approximate the present value (price) at an interest rate of 8%.

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