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An investor has a portfolio containing 1 , 0 0 0 worth of a 3 - year bond with a modified duration of 2 .

An investor has a portfolio containing 1,000 worth of a 3-year bond with a modified duration of 2.7; 4,000 worth of a 5-year bond with a modified duration of 4.6; and 5,000 worth of a 6-year bond with a modified duration of
5.5. Find the modified duration of the entire portfolio.

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