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An investment pays 1000 in one year, 2000 at the end of the second year and...

An investment pays 1000 in one year, 2000 at the end of the second year and 3000 at the end of the third year. An investor has purchased it to yield an annual effective rate i = 0.08. Calculate the Macaulay and modified duration.

The answers are Mac D = 2.29, Mod D = 2.12, but I'm not sure how to get there.

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