In her April 21, 2003, BusinessWeek article, "The Risks of Rising Rates," Susan Scherreik writes:

For the past three years, bond investors have profited mightily from the decline in interest rates. Falling rates lifted the prices of fixed-income securities, and adding that capital gain to the interest payments provided a neat total return. But now, with yields so low, the big fear in the bond market is that interest rates will soon reverse course and start rising.

Instructions
Explain why rising interest rates would have a negative impact on the bond market. Which bond investments would suffer the most, those maturing in three years or less, or those maturing in 30 years or more? Defend your answer.