A ten-year note is priced at par and has a (modified) duration of 7.8 years. A twenty-five year bond has a (modified) duration of 12 years and is priced at a discount. Your portfolio consists of some of the 10-year and some of the 25-year. Your portfolio s (modified) duration is:

less than 7.8 years

between 7.8 and 12 years

more than 12 years

cannot choose without knowledge of the amounts in each bond