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In periods when the risk-free interest rate _____ substantially, the required rate of return by bondholders _______, and most bond portfolios managed by insurance companies

In periods when the risk-free interest rate _____ substantially, the required rate of return by bondholders _______, and most bond portfolios managed by insurance companies perform

a. declines, declines, poorly

b. declines, declines, well

c. declines, increases, poorly

d. declines, increases, well

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