If interest rates fall from 8 percent to 7 percent, which of the following bonds will have the largest percentage increase in its value?

a. A 10 - year zero - coupon bond.

b. A 10 - year bond with a 10 percent semiannual coupon.

c. A 10 - year bond with a 10 percent annual coupon.

d. A 5 - year zero - coupon bond.

e. A 5 - year bond with a 12 percent annual coupon.