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4. You are given the following four bonds. All has a face value of $1,000. Term-to-Maturity Bond 1 2 3 4 25 years 25 years

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4. You are given the following four bonds. All has a face value of $1,000. Term-to-Maturity Bond 1 2 3 4 25 years 25 years 6 years 25 years Coupon Rate 0 % 12.0% 12.0 % 12.0 % Yield-to-Maturity 12.0% 12.0% 12.0 % 8.0 % Rank these bonds in terms of duration. Explain the rationale behind your rankings. (You do not have to actually calculate the bonds durations. Logical reasoning will suffice.)

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