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Ace is receiving an annuity immediate with level annual payments of 500 for 18 years. Calculate...

Ace is receiving an annuity immediate with level annual payments of 500 for 18 years.

Calculate the Macaulay duration and the Modified duration at an annual effective rate of 6.9%.

(Round your answers to the nearest 2 decimal places.)

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This is a problem concerned with the term structure of interest rates.

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