Problem:
The term of office for the Federal Reserve's Board of Governors is 14 years. But how long does a member actually serve? Calculate the average duration of Board service for these two twenty-year periods:
1950-1970
1990-2010
Note: Calculate the average period of time served based only on persons who went onto the Board after January 1 of the beginning years (1950 and 1990) and who had left by December 31 of ending years (1970 and 2010)--in order to capture the entire period of their service.