During the early 1980 s, interest rates for many long-term bonds were above (14 %). In the

Question:

During the early 1980 s, interest rates for many long-term bonds were above $14 \%$. In the early 1990 s, rates on similar bonds were far lower. What do you think this dramatic decline in market interest rates means for the price volatility of bonds in response to a change in interest rates?

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