A university endowment fund has sought your advice on its fixed-income portfolio strategy. The characteristics of the portfolio's current holdings are listed below: Bond Credit Rating Maturity (Years) Coupon Rate (%) Modified Duration ConvexityMarket Value of Position ($)AU.S. Govt.302.7219.834,000BA11096.00456.234,000CAa25113.60418.534,000DAgency784.79832.334,000EAa312010.909128.734,000170,000 Calculate the modified duration for this portfolio (Mod Dp). Do not round intermediate calculations. Round your answer to three decimal places. years Suppose you learn that the implied sensitivity (modified duration) of the endowment's liabilities is about 6.60 years. Identify whether the bond portfolio is (1) immunized against interest rate risk, (2) exposed to net price risk, or (3) exposed to net reinvestment risk. The portfolio's duration is more than-Select-less thanmore thanequal toItem 2 the liability's duration, portfolio is exposed to net price risk-Select-immunized against interest rate riskexposed to net price riskexposed to net reinvestment riskItem 3 .