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| rev | Admin | (Created page with "Graham is the beneficiary of an annuity due. At an annual effective interest rate of 5%, the present value of payments is 123,000 and the modified duration is <math>D_{MOD}</math>. Tyler uses the first-order Macaulay approximation to estimate the present value of Graham’s annuity due at an annual effective interest rate was 5.4%. Tyler estimates the present value to be 121,212. Calculate <math>D_{MOD}</math>, the modified duration of Graham’s annuity at 5%. <ul...") | Nov 20'23 at 1:11 | +593 |