The zero curve is downward sloping. Define X as the 1-year par yield, Y as the 1-year zero rate and Z as the forward rate for the period between 1 and 1.5 year. Which of the following is true? Question 27 Not yet answe Marked out of 1.00 P Flag questi Select one: O a. X is less than Y which is less than Z Ob. Y is less than X which is less than Z O c. Xis less than Z which is less than Y O d. Z is less than Y which is less than X