Given only the information below, which of the following five bonds has the LONGEST DURATION?:

Frequency

Bond Maturity (years) Payment Coupon Yield (annual)

1 10 6% 1 6%

2 10 6% 2 6%

3 10 0% 1 6%

4 10 6% 1 5%

5 9 6% 1 6%

Select the correct answer:

Bonus 1

Bonus 2

Bonus 3

Bonus 4

Bonus 5