9) An investor with an investment horizon of 5 years invests in a bond with a Macaulay duration of 10 years and interest rates rise dramatically immediately after the bond is purchased. Reinvestment returns will be _____ and the bonds price return will be _____ , with a net result of a horizon yield that is _____ than the bonds initial yield-to-maturity.

a. high, positive, higher b. high, negative, higher c. low, positive, higher d. low, negative, higher e. low, negative, lower