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11. Which of the following bonds has (a) the highest interest rate risk and (b) the highest reinvestment risk? Explain your answer. (4 points) -

11. Which of the following bonds has (a) the highest interest rate risk and (b) the highest reinvestment risk? Explain your answer. (4 points)

- 7-year bonds with a 5% coupon

- 1-year bonds with a 12% coupon

- 3-year bonds with a 5% coupon

- 15-year zero coupon bonds

- 15-year bonds with a 10% coupon

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