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20. Assume that the current structure of forward interest rates is upward-sloping. Which will have a lower yield-to-maturity: a. A 15-year pure-discount bond or a

20. Assume that the current structure of forward interest rates is upward-sloping. Which will have a lower yield-to-maturity:

a. A 15-year pure-discount bond or a lO-year pure-discount bond?

b. AID-year 5% coupon bond or a Iu-year 6% coupon bond?

21. How would your answers to Question 20 change if the forward interest rate structure were downward-slop

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