Today is 15 November 2021, Sandy just purchased a Treasury bond with a coupon rate of j2 = 3.105% p.a. and a face value of $100 that matures at par. The maturity date of this bond is 15 May 2023. b) Calculate the modified duration of this Treasury bond. Assume the yield rate is j2 = 3.29% p.a. Give your answer in terms of years, rounded to four decimal places.

a. 1.4532

b. 2.9065

c. 2.8590

d. 1.4772