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Coupon & Zero-coupon Bonds: a) Explain why zero-coupon bonds are less valuable than coupon bonds given same maturity value (M), term-to-maturity (N), and yield-to-maturity (YTM).

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Coupon & Zero-coupon Bonds: a) Explain why zero-coupon bonds are less valuable than coupon bonds given same maturity value (M), term-to-maturity (N), and yield-to-maturity (YTM). b) For a given change in yield, which type of bonds, zero-coupon or coupon, is more price volatile? Why

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