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The duration of a bond is: Fixed for the life of a bond only if interest rates do not change and the bond does not

The duration of a bond is:

  1. Fixed for the life of a bond only if interest rates do not change and the bond does not have any options embedded
  2. None of the above of the bond
  3. Fixed for the life of the bond
  4. Fixed for the life of a bond only if interest rates do not change
  5. Always equals to time to maturity for bonds trading at PAR

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