Determine the security in each case that would most likely have the higher price. In each case, clearly and fully explain your answers.

a. Two U.S. Treasury bonds with the same remaining maturity. One has a 3% coupon and the other a 4% coupon, and their required return is 3%.

b. Two call options on the same stock. The options have the same maturity, but one has an exercise price of $35 and the other has an exercise price of $40.

c. Two put options on two different stocks. The stocks currently sell for $50 and $51. The puts have the same maturity and exercise prices.

d. In answering part c, do you need to make any assumptions about the two underlying stocks?