Suppose you're a financial analyst who has been asked to provide some general information about duration as well as duration analysis of several bonds. You've determined the following two pieces of information.

-Bond A has a Macaulay duration of 6.5 years and a yield to maturity of 9.5

-Bond B has Macaulay duration of 5.8 years and a yield to maturity of 10.1

A. What does duration measure?

B. Which of the two has a higher modified duration? Show your work and explained how you arrived at your answer.

C. You're also analyzing a US Treasury STRIPS with a maturity of 6 years and a current value of $456. What's the Macaulay duration (also known as effective duration) of this STRIPS? Show your work and how you arrived at your answer