Evaluating Interest Rate Risk in Fixed Income Bonds

As an investment analyst at a fixed income portfolio management firm, you are evaluating the interest rate risk associated with a portfolio composed of various bonds. Interest rate risk is defined as the risk that changes in interest rates will affect the value of fixed income securities.

You have gathered three different bonds, each with varying maturities and coupon rates, and need to determine which bond demonstrates higher interest rate risk in the context of duration. Duration measures the sensitivity of a bond's price to changes in interest rates, with higher duration indicating greater risk.

Which bond among the three would you expect to have the highest interest rate risk?