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5. A bond has just been issued. The bond will mature in 8 yearsand has a yield to maturity of 10%. The bond’s annual coupon rateis 8% and the face value of the bond is $1,000. Coupons will bepaid quarterly. a. Compute the bond’s duration using the basicduration formula, i.e., the Macaulay duration formula (DO NOT useExcel’s Duration function or the VBA function dduration).PLEASE USE EXCEL
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