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You find a bond with 20 years until maturity that has a coupon rate of 7 percent and a yield to maturity of 8 percent.

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You find a bond with 20 years until maturity that has a coupon rate of 7 percent and a yield to maturity of 8 percent. What is the Macaulay duration? The modified duration? (Do not round intermediate calculations. Round your answers to 3 decimal places.)

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