Question: All else equal, a bond with a lower credit rating has a higher exposure to what type of risk compared to a bond with a

All else equal, a bond with a lower credit rating has a higher exposure to what type of risk compared to a bond with a higher credit rating?

a. Inflation risk

b. Default risk

c. Lack-of-liquidity risk

d. Interest-rate risk

e. All of the above (i.e., a, b, c, and d are all correct)

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