Why are longer-term bonds more sensitive to changes in interest rates than shorter-term bonds?

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Why are longer-term bonds more sensitive to changes in interest rates than shorter-term bonds?
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Fundamentals of Corporate Finance

ISBN: 978-0133400694

1st canadian edition

Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford, David A. Stangeland, Andras Marosi

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