Question: C. 11. What does Modified Duration mean? a. The interest rate sensitivity of a bond. b. The average maturity of a portfolio of bonds. The

C. 11. What does Modified Duration mean? a. The interest rate sensitivity of a bond. b. The average maturity of a portfolio of bonds. The average call date of a portfolio of bonds. d. All of the above. 12. Why would an investor execute a tax swap? a. To recognize a tax loss. b. To recognize a tax gain. To exchange for tax purposes and maintain maturity principle. d. All of the above. C

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