2. [Show Calculation] Which of the following two bonds is more price sensitive to changes in interest rates? 1) A par value bond, X, with a 5-year-to-maturity and a 10% coupon rate (paid annually). 2) A zero-coupon bond, Y, with a 4-year-to-maturity and a 10% yield-to-maturity. a. Bond X because of the longer duration. b. Bond X because of the longer time to maturity. c. Bond Y because of the longer duration. d. Both have the same sensitivity because both have the same duration. e. None of these is correct