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The next three questions refer to the following data. Assume all bonds make semi-annual coupon payments and have face values of $1,000. Time to maturity

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The next three questions refer to the following data. Assume all bonds make semi-annual coupon payments and have face values of $1,000. Time to maturity Coupon rate Price 3.00% 3.50% 3.25% 4.00% 3.50% $978.36 $975.49 $970.74 $1,003.67 $995.46 The modified duration of the 4-year bond is approximately (a) 3.736 (b) 3.775 (c) 3.595 (d) 3.632

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