Consider a consol which is priced based on a long-term yield to maturity of 5% per annum. Consider a ten-year zero-coupon bond, a twelve-year zero-coupon bond and a sixteen-year zero-coupon bond. In this case:

Consider a consol which is priced based on a long-term yield to maturity of 5% per annum. Consider a ten-year zero-coupon bond, a twelve-year zero-coupon bond and a sixteen-year zero-coupon bond. In this case:

The duration of the consol is higher than the duration of the sixteen-year zero-coupon bond.

The duration of the consol is lower than the duration of the ten-year zero-coupon bond.

The duration of the twelve-year zero-coupon bond is higher than the duration of the consol.

The duration of the consol cannot be calculated.

The duration of the sixteen-year zero-coupon bond is higher than the duration of the ten-year zero-coupon bond and higher than the duration of the consol.