Which of the following two bonds is more price sensitive to changes in interest rates?

1) A par value bond, X, with a 5-year year to maturity and a 10% coupon rate.

2) A zero-coupon bond, Y, with a 5-year year to maturity and a 10% yield to maturity.

		Bond X because of the higher yield to maturity
		Bond X because of the longer time to maturity
		Bond Y because of the longer duration
		Both have the same sensitivity because both have the same yield to maturity.