Why is the remaining time to maturity an important factor in evaluating the impact of a change

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Why is the remaining time to maturity an important factor in evaluating the impact of a change in yield to maturity on bond prices?

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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Foundations of Financial Management

ISBN: 978-1259194078

15th edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

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