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A bond currently has a price of $1,100. The yield on the bond is 6%. If the yield decreases 50 basis points, the price of

A bond currently has a price of $1,100. The yield on the bond is 6%. If the yield decreases 50 basis points, the price of the bond will go up to $1,120. The Macaulay duration of this bond is ____ years.

A. 3.68

B. 3.64

C. 3.85

D. 4.09

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