A bond portfolio contains the following holdings:
$2 million par value of 10-year bonds with a modified duration of 6.95, priced at 95.5% of par
$3 million par value of 15-year bonds with a modified duration of 9.77, priced at 88.6275% of par
$5 million par value of 30-year bonds with a modified duration of 14.81, priced at 114.875% of par
The portfolio’s modified duration is closest to:
A 10.6.
B 12.1.
C 13.3.
D 13.6.