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An investor wants to know how changes in yields-to-maturity will affect their current net wealth. Which of the following measures is most useful? Select one:

An investor wants to know how changes in yields-to-maturity will affect their current net wealth. Which of the following measures is most useful?

Select one:

a.CAPM beta.

b.Macaulay duration.

c.Black-scholes option delta (N(d1)).

d.Asset-to-equity ratio.

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