Question: please explain by steps and dont use excel. thank you Question 14.06 A bond will pay coupons of 80 at the end of each year

please explain by steps and dont use excel. thank you

Question 14.06 A bond will pay coupons of 80 at the end of each year for 3 years and will pay the par value of 1,000 at the end of the three-year period. The annual effective yield of the bond is 15%. Calculate the bond's Macaulay duration. A 2.40 B 2.53 C 2.76 D 2.91 E 3.00

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