John Paul is a fixed income portfolio manager. One of his clients would like to immunize a single 8-year liability of $120,000,000. The present value of this liability is $97,677,563. In order to control cost, John recommends duration matching rather than cash flow matching to immunize this liability. John has conducted some initial analysis on three bond portfolios on the market.

Portfolios	A	B	C
Market Value ($)	97,682,531	97,674,356	97,692,544
Cash flow yields	2.45%	2.55%	2.37%
Macaulay duration	7.999	8.015	7.568

Determine which portfolio is most likely immunize client's future liability and justify why the OTHER TWO PORTFOLIOS are NOT suitable