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ad Valuation and Interest Rate Rikh a. intermediate calculations. Rougd your answers to the neshest cent. bond Lis 5 Band 5 : 3 intermediate calculations. Round your answers to the nobrest cont. Hond Lis Hond 5:5 intermediate calculations. Round your answers to the nearest cest. Bond L:s Bond 5:3 b. Why does the longer-term (15-year) bond fluctuate more when interest rates change than does the sharter-term band (1 year)? I. Longer-term bends have more interest rate risk than shorter-term bends. II. Lenger-term bonds have less interest rate riak than shorter-term bonds. III. Lengenterm bends have less reinvestment rate risk than shorter-term bands