Circle the security with the higher duration, and explain your choice. Assume all else is equal

other than the characteristics listed.

a. 5-year, 10% coupon bond vs. 5-year, 8% coupon bond

b.5-year bond with a YTM of 10% vs. 5-year bond with a YTM of 3%

c.9-month Treasury Bill vs. Treasury bond with 9 months remaining

d.10-year annuity of $25 (paid semiannually) vs. 10-year bond with coupon of $25 (paid

semiannually