Which of the following statements best describes the duration of a fixed income security?

Question 17 options:

a)The maturity date of the final payment, when the principal is repaid to the lender

b)The time between interest payments (annual versus semi-annual versus quarterly)

c)The average maturity of the stream of payments the security generates for the lender

d)A measure of the sensitivity of the value of the security to changes in the time to maturity