Joan purchased 20 GIA Inc. bonds in 2018 when the yield to maturity was 6.5%. Because of rising interest rates she reinvested the coupon payments at 7.00%, 7.50%, 7.25% and finally, 7.00%. The internal rate of return on her investment will be Question 22 options:

greater than the coupon rate but less than the original yield to maturity.

the reinvestment rate has no effect on the internal rate of return.

less than the original yield to maturity.

greater than the original yield to maturity.