Question: Exhibit 13.3 USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM A $1,000 par value bond with four years to maturity and a 5 percent coupon

Exhibit 13.3 USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM A $1,000 par value bond with four years to maturity and a 5 percent coupon has a yield to maturity of 6 percent. Interest is paid annually. Refer to Exhibit 13.3. Calculate the modified duration for the bond. a. 3.72 years b. 4.38 years c. 3.61 years d. 7.44 years e. 3.51 years

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