Question: A $1,000 face value bond has a 8% coupon and pays interest semiannually. The bond matures in 3 years and has a yield to maturity

A $1,000 face value bond has a 8% coupon and pays interest semiannually. The bond matures in 3 years and has a yield to maturity of 10%. What is the Macaulay duration? (Express your solution to two decimals of accuracy.)

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