Assume that a bond and a mortgage have the same maturity, the same risk, and pay the same coupon rate/interest rate. In other words they are identical in all of their characteristics, except that their payment structure is different: the bond pays a coupon every 6 months and then the principal in the end, while the mortgage makes a constant monthly payment throughout its life. Which of these would have the highest duration? Why? (2 points) (Hint: Think about the structure of their payments.)