Question: You use bond duration to predict bond price changes. A bond you are analyzing makes semiannual coupon payments and currently yields 3.15%. According to the

You use bond duration to predict bond price changes. A bond you are analyzing makes semiannual coupon payments and currently yields 3.15%. According to the duration measure, the expected bond price change is an increase of 3.9755% for a decrease of 1.67% in the yield. What is the bond's Macaulay duration? Round to four decimals.

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