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You have an investment horizon of 10 years. Which of the following has more interest rate risk? 1) invest in a 12 year zero and

You have an investment horizon of 10 years. Which of the following has more interest rate risk?

1) invest in a 12 year zero and sell it after 10 years

2) invest in a 10 year sequence of 1 year zeros (when one 1 year zero matures, roll the money over into the next one year zero for 10 years)

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