Question: please explain by steps and dont use excel. thank you Question 14.01 A 9-year, 7,000 par value bond with an annual coupon rate of 6.5%

please explain by steps and dont use excel. thank you

Question 14.01 A 9-year, 7,000 par value bond with an annual coupon rate of 6.5% paid semiannually is purchased with no premium or discount. Calculate the Macaulay duration of the bond. A 6.32 B 6.52 C 6.73 D 6.95 E 7.18

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