\begin{tabular}{|cc|} \hline 3. XYZ bond matures in 28 years at $1,000, carries a 4.4% coupon, paid semi-annually, and \\ comparable bonds are yielding 4.6%. What is the modified duration of the bond? \\ \hline A. & 13.75 years \\ B. & 14.97 years \\ C. & 15.80 years \\ D. & 16.20 years \\ \hline Make your selection: & C \\ \hline \end{tabular}