An investor purchases an annual coupon bond with a 6% coupon rate and exactly 20 years remaining until maturity at a price equal to par value. Th e investor’s investment horizon is eight years. Th e approximate modifi ed duration of the bond is 11.470 years. Th e duration gap at the time of purchase is closest to:

A . –7.842.

B . 3.470.

C . 4.158.