The Macaulay duration of a fixed-rate bond is influenced by its coupon rate, yield to maturity, and time to maturity. A higher coupon rate or yield to maturity reduces the duration, while a longer time to maturity typically increases it. For bonds priced at a premium or par, this relationship holds consistently.

• Bond 1 has a lower coupon rate (4%) and yield to maturity (4%) compared to Bond 3, along with a longer maturity (10 years). Thus, its Macaulay duration is higher than Bond 3's.
• Bond 2 has the same yield to maturity (5%) as Bond 3 but a lower coupon rate (4%) and longer maturity (11 years), resulting in a higher Macaulay duration than Bond 3.
• Bond 3 has the highest coupon rate (5%), the same or higher yield to maturity (5%), and the shortest time to maturity (9 years), making its Macaulay duration the lowest among the three.

This demonstrates how a bond's coupon rate, yield level, and maturity collectively determine its interest rate risk.