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Liabilities Amount DDeposits FF&RP CDs Net Worth Assets Amount $1 Duration years 20 0.01 years Duration 0 years 0.01 years 1.0 years Cash FF&RP Munis Loans $100 50 90 31 50 200 Notes to Balance Sheet: Munis are 2-year 6 percent annual coupon municipal notes selling at par. Loans are floating rates, repriced quarterly. Spot discount yields for 91-day Treasury bills are 3.75 percent. CDs are 1-year pure discount certificates of deposit paying 4.75 percent 9-130 What is the duration of the municipal notes (the value of x)? 1.94 years 2.00 years 1.00 years 1.81 years 0.97 years b. d