Michael Myers purchases a $1,000, 14-year municipal bond from the Haddonfield, IL, local government. The bond has
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Michael Myers purchases a $1,000, 14-year municipal bond from the Haddonfield, IL, local government. The bond has a coupon rate of 4%, interest is paid semi-annually. Face value of $1,000. YTM is 3%. What is the Macaulay Duration on his bond?
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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