Which portfolio would be the most sensitive to a change in interest rates: ten $1000, 5-year annual coupon bonds with a 7% coupon; two $5000, 5-year semi-annual coupon bond, with 7% coupon; two $5000, 3-year annual coupon bond with a 7% coupon; two $5000, 3-year semi-annual coupon bond with a 7% coupon? A two $5000, 3-year semi-annual coupon bond with a 7% coupon B two $5000, 5-year semi-annual coupon bond, with 7% coupon C all the same D two $5000, 3-year annual coupon bond with a 7% coupon E ten $1000, 5-year annual coupon bonds with a 7% coupon 8 Which of these four portfolios is the least sensitive bond described in the above question? (Sensitivity always refers to percentage change in value to a change in the interest rate). A two $5000, 3-year semi-annual coupon bond with a 7% coupon B two $5000, 5-year semi-annual coupon bond, with 7% coupon C all the same D two $5000, 3-year annual coupon bond with a 7% coupon E ten $1000, 5-year annual coupon bonds with a 7% coupon