Takke Company orders 10 inventory part items on a purchase order. Five of the items are received along with the bill. Takke Company opens a bill form and selects the vendor. What is the next step? a. Takke should add the items (including quantities) from the purchase order to the bill.
b. Takke should close the bill form, open the purchase order, and select Create Bill.
c. Takke should manually enter the items and quantities received in the item details section of the bill.
d. Takke should add the items (without quantities) from the purchase order to the bill. The quantity received should be entered next.

5.78 years

Explanation:

face value = $1,000

market price = $1,050.70

assuming that the bond pays an annual coupon:

period 1 cash flow = $50

period 2 cash flow = $50

period 3 cash flow = $50

period 4 cash flow = $50

period 5 cash flow = $50

period 6 cash flow = $50

period 7 cash flow = $1,050

period 1 discount factor = 1/1.05 = 0.952

period 2 discount factor = 1/1.05² = 0.907

period 3 discount factor = 1/1.05³ = 0.864

period 4 discount factor = 1/1.05⁴ = 0.823

period 5 discount factor = 1/1.05⁵ = 0.784

period 6 discount factor = 1/1.05⁶ = 0.746

period 7 discount factor = 1/1.05⁷ = 0.711

now we multiply:

period 1 = 1 x $50 x 0.952 = $47.60

period 2 = 2 x $50 x 0.907 = $90.70

period 3 = 3 x $50 x 0.864 = $129.60

period 4 = 4 x $50 x 0.823 = $164.60

period 5 = 5 x $50 x 0.784 = $196

period 6 = 6 x $50 x 0.746 = $223.80

period 7 = 7 x $1,050 x 0.711 = $5,225.85

total = $6,078.15

Macauly duration = $6,078.15 / $1,050.70 = 5.78 years