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An analyst gathers the following information on three investors. Each investor holds a bond with a Macaulay duration of 5.5 years in his portfolio:
| Investor | Investment Horizon |
|---|---|
| Investor A | 5 years |
| Investor B | 2 years |
| Investor C | 8 years |
All else equal, which investor is currently most vulnerable to an increase in interest rates?