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A bond pays annual interest. Its coupon rate is 7.8%. Its value at maturity is $1,000. It matures in 4 years. Its yield to maturity

A bond pays annual interest. Its coupon rate is 7.8%. Its value at maturity is $1,000. It matures in 4 years. Its yield to maturity is currently 4.8%. The modified duration of this bond is ______ years.

3.44

3.61

3.23

4.00

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