1. 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.
   1. high, positive, higher
   2. high, negative, higher
   3. low, positive, higher
   4. low, negative, higher
   5. low, negative, lower