The following set of newly issued debt instruments was purchased for a portfolio:

• Treasury bond.

• Zero-coupon bond.

• Corporate bond.

• Municipal bond.

• Junk bond.

  The respective maturities of these investments are approximately equivalent. Which one of the investments in the portfolio would be subject to the greatest relative amount of price volatility if interest rates were to change quickly?

1. Treasury bond.

2. Zero-coupon bond.

3. Corporate bond.

4. Municipal bond.

5. Junk bond.