Which of the following is true:

		Yields on longer-term bonds tend to be higher than short-term bond yields, reflecting the risk that the purchaser incurs by holdings securities over time.
		Yields on longer-term bonds tend to be higher than short-term bond yields, reflecting the higher reinvestment risk that the purchaser incurs.
		Yields on longer-term bonds are always higher than short-term bonds.
		Yields on longer-term bonds tend to be lower than short-term bond yields.
		None of these.