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Describe the relationship between duration and bond price sensitivity. Identify the key variables that determine the duration of a noncallable bond and indicate the direction

Describe the relationship between duration and bond price sensitivity. Identify the key variables that determine the duration of a noncallable bond and indicate the direction of influence for each. Which bond has a longer duration at a YTM=8%: a 15-year zero coupon or a 30-year 8% coupon?

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