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Tombukt, Inc. tiene obligaciones de pago de bonos anuales de $10 millones al final de los
prximos cinco (5) aos. La firma pretende inmunizar la emisin de bonos a travs de dos emisiones
cupn cero con vencimiento a uno (1) y cuatro (4) aos. Suponga una curva de rendimiento plana
con un inters del 8% durante todo el perodo relevante. Determine la Duracin Macauley de la
emisin de deuda original.

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