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Rank the following bonds from the most sensitive to an interest rate change to the least sensitive : I. 8% coupon, noncallable 20-year maturity par

Rank the following bonds from the most sensitive to an interest rate change to the least sensitive :

I. 8% coupon, noncallable 20-year maturity par bond

II. 9% coupon, currently callable 20-year maturity premium bond

III. Zero Coupon 30 year maturity bond

a. III, II, I

b. III, I, II

c. II, III, I

d. I, II, III

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