$12.$ Which statement below is incorrect about the neutral investment horizon $($NIH$)?\_\_\_\_\_\_\_\_\_\_\_\_.$

$($a$)$ When investment horizon is longer than NIH, reinvestment risk dominates capital gain risk.

$($b$)$ At NIH, the capital gain risk is exactly offset by the reinvestment risk.

$($c$)$ When investment horizon is shorter than NIH, capital gain risk dominates reinvestment risk.

$($d$)$ When their investment horizon is at NIH, investors do not worry about any changes in YTM

$($e$)$ NIH is approximately equal to the modified duration of a bond portfolio.