13. Consider a five-year bond with a 10% coupon rate and $1,000 par value. The coupon is paid annually. The current YTM is 4%. Which statement is true? A. Macaulay duration is 4.27 while Modified duration is 4.11. B. Longer-maturity bonds necessarily have longer durations. C. Macaulay duration is 4.77 while Modified duration is 4.59. D. Other things equal, the lower the bond coupon, the lower its volatility. [