Today is 15 May 2021. Stphanie has just purchased a Treasury bond with a face value of $100, maturing at par and paying coupon at j2 = 3.4% p.a. The maturity date of this bond is 15 May 2023. Assume that we do not know her purchase price. c) Calculate the duration of this Treasury bond. Assume the yield rate is j2 = 4.56% p.a. Give your answer in terms of years, rounded to four decimal places.

a. 1.9498 b. 3.8995 c. 1.9472 d. 3.8944