You have been provided with the following options.

a. A 10-year, R1000 face value, 10 percent coupon bond with semiannual interest payments.

b. A 10-year, R1000 face value, 10 percent coupon bond with annual interest payments.

c. A 10-year, R1000 face value, zero coupon bond. d. A 10-year R100 annuity.

(3 points) Determine which one poses the highest price risk.