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What is the Macaulay duration of the following security? (Round your answer to 2 decimal places.) 3 year bond with semiannual coupon payments Par value

What is the Macaulay duration of the following security? (Round your answer to 2 decimal places.)

3 year bond with semiannual coupon payments

Par value $1000

4% coupon payments

5% market/discount rate

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