Which of the following statements is correct?

a.

Duration decreases as the coupon rate decreases.

b.

The loan sales market has considerably increased the transaction costs of major balance sheet restructuring.

c.

Duration decreases if maturity increases, but at a decreasing rate.

d.

Using a zero-coupon bond to immunize the desired investment horizon means that the treasurers cash flows are unlikely to be affected by changes in market interest rates.

e.

The return from a discount bond is sensitive to changes in the intervening interest rate.