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5. A money markets desk holds a floatingrate note with an eight-year maturity. The interest rate is floating at three-month LIBOR rate, reset quarterly. The

5. A money markets desk holds a floatingrate note with an eight-year maturity. The interest rate is floating at three-month LIBOR rate, reset quarterly. The next reset is in one month. What is the approximate duration of the floating-rate note?

Group of answer choices

3 months

1 month

2 months

8 years

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