What are the factors that affect duration?

What are the factors that affect duration? 

Ans. Some of factors that affect a bond’s duration: 

Time to maturity: Consider two bonds that each cost $1,000 and yield 5%. A bond that matures in one year would more quickly repay its true cost than a bond that matures in 10 years. As a result, the shorter-maturity bond would have a lower duration and less price risk. The longer the maturity; the higher the duration. 

Coupon rate: A bond’s payment is a key factor in calculating duration. If two otherwise identical bonds pay different coupons, the bond with the higher coupon will pay back its original cost quicker than the loweryielding bond. The higher the coupon; the lower the duration. 

Interest Rates: It determines the size of periodic cash-flow.