Use the same set of data to answer questions 13-15. Complete your calculation in Excel.
Par value
$100.00
Coupon rate
4%
Frequency
2 per year
Yield-to-maturity 6%
Term to maturity 3 years
What's the Macaulay duration of the bond?
2.15 years
2.67 years
2.43 years
2.85 years