In terms of percentage price change, which of the following bonds would be the most sensitive to an unexpected increase in the market interest rate? The market interest rate is 10% (APR, semi-annually compounded). a) A bond with annual coupons, a 10% coupon rate, and one year to maturity. b) A bond with annual coupons, a 7% coupon rate, and one year to maturity. c) A zero-coupon bond with 6 months to maturity. d) A zero-coupon bond with 3 months to maturity. e) A bond with semi-annual coupons, a 10% coupon rate, and one year to maturity.

Please explain using words and equations instead of excel and graphs.