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4. Consider the following bonds: Bond Issuer US Treasury US Treasury US Treasury US Treasury Time to maturity Coupon rate Coupon frequency 3% 3% Zero

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4. Consider the following bonds: Bond Issuer US Treasury US Treasury US Treasury US Treasury Time to maturity Coupon rate Coupon frequency 3% 3% Zero 3% 3 years 5 years S years years Semi-annual Annual N/A Semi-annual All else being equal, rank the bonds (1,2,3,4) from highest to lowest sensitivity to interest rate changes

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