12. Determine which of the following statements is false. A. Modified duration is the Macaulay duration divided by the following sum: one plus the annual effective yield. B. When the yield is continuously compounded (.e., expressed as a force of interest), the modified duration is equal to the Macaulay duration C. A cash flow matched portfolio satisfies the first two conditions of Redington immunization, D. A cash flow matched portfolio satisfies the first two conditions of full immunization. E. A fully immunized portfolio satisfies the conditions of Redington immunization