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Bond Terms Par Value $10,000 Duration (yrs) 5 Coupon 4.50% Frequency Semiannual Current rates: 5.00% Bond features: Callable at Par MACd 4.527 Modified Duration

Bond Terms Par Value $10,000 Duration (yrs) 5 Coupon 4.50% Frequency Semiannual Current rates: 5.00% Bond features: Callable at Par MACd 4.527 Modified Duration 4.416 Using the bond data above, what is the effective duration of the bond assuming a 1% increase in current interest rates? Round to two decimals

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