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a) Define and explain the following terms: Secured versus unsecured debt Senior versus subordinated debt b) Compare 30-year bond to a 5-year bond all else

a) Define and explain the following terms:

Secured versus unsecured debt

Senior versus subordinated debt

b) Compare 30-year bond to a 5-year bond all else equal. Which one is more sensitive to interest rate changes. Why? Please explain.

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