Answer: Equal to the bond's time to maturity.

The Macaulay duration of a zero-coupon bond is equal to its time to maturity. This is because the bond has no interim cash flows, and its duration is solely determined by the time until the single payment at maturity. Options A and C are incorrect as they suggest the duration is either less than or greater than the time to maturity, which does not apply to zero-coupon bonds.

Author: LeetQuiz Editorial Team