Compare the four bonds of equal maturities (the par, discount, premium and zero-coupon): Assuming that the yields on the bonds are perfectly correlated (the yields move up and down together), which is more sensitive to a change in interest rates, and why?

a. Par and Premium; highest coupons

b. Par and Discount; lowest coupons

c. Zero and Premium; no coupon and highest coupon

d. Zero and Discount; no coupon and lowest coupon

e. Discount and Premium; different from market interest