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| rev | Admin | (Created page with "'''Solution: A''' The amount of the dividends does not matter, so they will be assumed to be 1 . First, calculate the Macaulay duration. The present value of the dividends is <math>v^4 a_{\infty}=1.1^{-4}(1 / 0.1)=6.83013</math>. The numerator is the present value of "payments" of <math>5,6,7, \ldots</math> starting five years from now. This can be decomposed as a level of annuity of 4 and an increasing annuity of <math>1,2,3, \ldots</math>. The present value is <math...") | Nov 20'23 at 14:34 | +800 |