A bond pays annual interest. Its coupon rate is $7\mathrm{.}8\%.$ Its value at maturity is $$1,000.$ It matures in $4$ years. Its yield to maturity is currently $4\mathrm{.}8\%.$ The

modified duration of this bond is

years.

Multiple Choice

$4\mathrm{.}00$

$3\mathrm{.}23$

$3\mathrm{.}44$

$3\mathrm{.}61$