Question: A $1,000 face value bond has a 7 percent coupon and pays interest semiannually. The bond matures in 2 years and has a yield to

A $1,000 face value bond has a 7 percent coupon and pays interest semiannually. The bond matures in 2 years and has a yield to maturity of 6.8 percent. What is the Macaulay duration?

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