Question: Which has a longer Macaulays duration: a $ 1 million face value zero coupon bond with a two- year maturity and a yield of 6

Which has a longer Macaulay’s duration: a $ 1 million zero bond with a two- year and a yield of 6 percent, or a $ 1 million bond with a two- year that pays 6 percent interest? Explain your reasoning.

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