9-10 Duration normally is less than the maturity for a fixed coupon asset.

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Duration measures the sensitivity of the price of an asset to changes in interest rates. It is typically shorter than the asset's maturity for fixed coupon assets because as time passes, the bond's coupon payments decrease in value relative to the final principal payment at maturity. This means that changes in interest rates have less of an impact on the bond's price the closer it gets to maturity. Therefore, the duration decreases as the bond approaches maturity.

9-10 Duration Normally Is Less Than the Maturity for a Fixed