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A $1,000 par value, 10% annual coupon bond matures in 3 years. The bond is currently...

A $1,000 par value, 10% annual coupon bond matures in 3 years. The bond is currently priced at $1,106.92 and has a YTM of 6.0%. a. What is the Macaulay duration? b. What percentage will the bond's price change if market interest rates decrease by 1%?

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