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1. GMM Mutual Fund has invested in a portfolio of mortgage-backed securities that has a current market value of $245 million. The duration of this

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1. GMM Mutual Fund has invested in a portfolio of mortgage-backed securities that has a current market value of $245 million. The duration of this portfolio of mortgage-backed securities is 14.7 years. The fund has borrowed to purchase these securities, and the current value of its liabilities (i.e., the current value of the bonds GMM has issued) is $160 million. The duration of these liabilities is 5.4 years. What is the current duration of the equity for the GMM fund

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