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A bank has the following balance sheet: Assets Liabilities & Equity $500 million Debt $420 million Net Worth $80 million In order to immunize the

A bank has the following balance sheet:

Assets Liabilities & Equity

$500 million Debt $420 million

Net Worth $80 million

In order to immunize the bank's Net Worth, its manager constantly manage the modified duration of the bank's Assets portfolio accordingly. If the banks debt portfolio currently has a modified duration of 9.7 years. What should be the value of the modified duration?

Round your calculations to the nearest 0.01, i.e., two decimal places.

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