You are given the following with respect to a five-year bond: i) Annual coupons of (2+t)% are paid at the end of each year. ii) Par value is 1,000. iii) The yield to maturity (y) equals of 5.50%. For the five-year annual coupon bond, calculate the Macaulay duration. Possible Answers 4.24 B 4.34 4.44 D 4.54 E 4.64