53. Sam buys an eight-year, 5000 par bond with an annual coupon rate of 5%, paid annually. The bond sells for 5000. Let d₂ be the Macaulay duration just before the first coupon is paid. Let d₂ be the Macaulay duration just after the first coupon is paid. d₁ Calculate d₂ (A) 0.91 (B) 0.93 (C) 0.95 (D) 0.97 (E) 1.00

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