Discuss duration. Include in your discussion what duration measures, how duration relates to maturity, what variables affect duration, and how duration is used as a portfolio management tool..b) Without working through calculations, indicate whether the duration of the two bonds would be higher or lower if the yield to maturity is 10% rather than 8%.BondA BondBCoupon 8% 9%Yield to maturity 8% 8%Maturity (years) 2 5Par $100.00 $100.00Price $100.00 $104.055. (c) A bond portfolio has the following composition: 1. Portfolio A: price $90,000, modified duration 2.5, a long position in 8 bonds 2. Portfolio B: price $110,000, modified duration 3, a short position in 6 bonds 3. Portfolio C: price $120,000, modified duration 3.3, a long position in 12 bonds All interest rates are 10%.If then rates rose by 25basis points, then the bond portfolio value will decrease by $_____