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Please provide explanation. 3.12 An investment firm offers its customers munici- pal bonds that mature after varying numbers of years. Given that the cumulative distribution

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3.12 An investment firm offers its customers munici- pal bonds that mature after varying numbers of years. Given that the cumulative distribution function of T, the number of years to maturity for a randomly se- lected bond, is 0, t 3); (c) P(1.4

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