A seven$-$year par value bond has a coupon rate of $9\%($paid annually$)$ and a modified duration of:

Note: Do not round your intermediate calculations.

Multiple Choice

$7\mathrm{.}00$ years.

$5\mathrm{.}49$ years.

$5\mathrm{.}03$ years.

$4\mathrm{.}87$ years.

None of the options are correct.