There are four bonds that have the same time to maturity and yield to maturity, but they differ in couple rate and coupon payment frequency. Bond A pays an annual coupon of 7%, bond B pays a semi-annual coupon of 3.5% twice per year, bond C pays an annual coupon of 9%, and bond D pays a semi-annual coupon of 4.5% twice per year, and. Which one has the shortest duration?

a.

All bonds have the same duration.

b.

Bond B

c.

Bond A

d.

Bond D

e.

Bond C