Which

A$)$ B$)$ C$)$ D$)$ E$)$

$15.$ Holding

A$)$ B$)$ C$)$ D$)$ E$)$

$16.$ Which

of the following two bonds is more price sensitive to changes in interest rates? A par value bond, X$,$ with $10$ years$-$to$-$maturity and a $10\%$ coupon rate or a zero$-$coupon bond, Y$,$ with $10$ years$-$to$-$maturity and a $10\%$ yield$-$to$-$maturity.

Bond Y because of the longer duration.

Bond X because of the longer time to maturity.

Bond X because of the higher yield to maturity.

Both have the same sensitivity because both have the same yield to maturity. None of the above are true.