Exhibit 18.3 Use the Information Below for the Following Problem(S)

Exhibit 18.3
Use the Information Below for the Following Problem(S)
A $1000 par value bond with 4 years to maturity and a 5% coupon has a yield to maturity of 6%. Interest is paid annually.
-Refer to Exhibit 18.3.Calculate the Macaulay duration for the bond.

A) 3.19 years
B) 3.36 years
C) 3.57 years
D) 3.72 years
E) 3.84 years