you are required to analyze the investment on three bonds. Some key information related to each bond is extracted and summarized in the following table

.	Bond 1	Bond 2	Bond 3
Par value	$1,000	$500	$2,000
Coupon rate	5%	6%	8%
Market interest rate	6%	8%	10%
Time to maturity	8 years	12 years	10 years
Compounding frequency	Annual	Semi-annual	Semi-annual
Macaulay duration	6.74	8.39	6.84
Modified Macaulay duration	6.35	8.07	6.51

Assume that you expect the market interest rate will decrease next year, which bond is preferred for investment? Please explain