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Question
A zero-coupon bond has a par value of $1,000 and matures in 4.5 years. The yield to maturity is 6.4 percent. What is the Macaulay duration?A. 3.67 years
B. 3.81 years
C. 3.92 years
D. 4.26 years
E. 4.50 years
Answer
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