The following statement of financial position information is available for Oz bank. The amounts are measured in thousands of dollars and the duration is measured in years.

Item	Present Value ($ thousands)	Duration (years)
90-day bank bill	100	0.2
Treasury notes	50	0.45
Commonwealth Government bonds	50	4.0
Variable rate mortgage loans	10000	0.07
Fixed rate loans	3000	3.5
Deposits	9000	0.7
CDs	3000	1.0
Equity	1200

What is the average duration of assets?

Select one:

a.

0.86686 years

b.

1.55 years

c.

0.01837 years

d.

1.64 years