coupon rate 为什么与 duration呈反向关系

问题如下：

Consider two bonds that are identical except for their coupon rates. The bond that will have the highest interest rate risk most likely has the:

选项：

A.

highest coupon rate.

B.

coupon rate closest to its market yield.

C.

lowest coupon rate.

解释：

Correct Answer: C

A lower coupon rate means that more of the bond's value comes from repayment of face value, which occurs at the end of the bond's life.