Why does immunization against interest rate shocks using duration for fixed-income securities work?

Select one:

Oa.

Because the fixed-income security gravitates toward its maturity value as it approaches its maximum duration.

O b. Because interest rate changes are relatively predictable.

Oc

Because cash flows that result from the security are not reinvested so they are not affected by interest rate changes in the

same way as the security's gain or loss when it is sold.

O d. Because the gains or losses on reinvested cash flows that result from an interest rate change are exactly offset by losses

or gains from the security when it is sold.

Oe. It doesn't work because perfect immunization is impossible to accomplish.