8. Frederick currently holds three bonds: bond A, bond B and bond C. Bond A is a zero-coupon bond with a remaining of five years to maturity Bond B has modified duration of 8.75 and a market value of 1,750. Bond C has a coupon rate of 6%, a face value of 1,500, and a remaining life of ten years. Coupons are paid on an annual basis and the next coupon is paid in one year. All bonds will be redeemed at 1,500 at their respective maturity dates. The current market interest rate is 3% annual effective. Calculate the Macaulay duration of Frederick's portfolio using the market value of the bonds. 6.94 7.15 7.38 D 7.60 7.81