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A 3-year maturity, 6.0% coupon bond is paying coupons annually. The face value of this bond is $1,000 and the yield-to-maturity (YTM) is 8%. The

A 3-year maturity, 6.0% coupon bond is paying coupons annually. The face value of this bond is $1,000 and the yield-to-maturity (YTM) is 8%. The modified duration for this bond is:

A. 1.00 B. 2.62 C. 2.83 D. 3.00 E. None of the above

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