The zero curve is downward sloping. Define X as the 1-year zero rate, Y as the 2-year zero rate and Z as the forward rate for the period between 1 and 2 year. Which of the following is true?\r\n

A) X is less than Y which is less than Z

B) Y is less than X which is less than Z

C) X is less than Z which is less than Y

D) Z is less than Y which is less than X

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