If you price a semi-annual coupon bond according to zero coupon prices and no arbitrage you should get a price that __________ the price according to the yield to maturity because __________.

This would result in an arbitrage opportunity.

is lower than; the zero coupon discount rates do not include the coupon payments of the coupon bond.

is lower than; the zero coupon discount rates do not include semi-annual compounding.

is higher than; the coupon bond has a lower effective duration.

equals; of no-arbitratge.