The price of a bond decreases by 1.84% in response to an increase in the yield to maturity from 6.8% to 7.2%. What is the Macaulay duration of the bond?
A) 5.87 years
B) 4.24 years
C) 4.89 years
D) 4.76 years
E) 3.41 years
Correct Answer:
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