Assume that all interest rates in the economy decline from $12\%$ to $11\%.$ Which of the following bonds would have the largest

percentage increase in price? $($Hint: which bond is the most price sensitive$?)$

A $16-$year bond with a $12\%$ coupon.

A $16-$year bond with a $8\%$ coupon.

A $20-$year zero coupon bond.

A $20-$year bond with a $6\%$ coupon.

An $18-$year bond with a $9\%$ coupon.