QUESTION 22 An investor buys an option free bond that has a Macaulay duration of 15.0 and a modified duration of 14.5. If the rate of retum on reinvested coupon income is 4.0% and the bond is sold after three years, the investor's annualized holding period return is most likely to be: A) equal to the bond's yield to maturity at the time of purchase B) less than the bond's yield to maturity at the time of purchase C) greater than the bond's yield to maturity at the time of purchase OA