All other things equal (YTM = 10%) , which of the following has the longest duration?

A) a 30-year bond with a 10% coupon
B) a 20-year bond with a 9% coupon
C) a 20-year bond with a 7% coupon
D) a 10-year zero-coupon bond

Zero-Coupon Bond

A debt security that does not pay interest but is traded at a deep discount, providing profit at maturity when it is redeemed for its face value.

Duration

A measure of the sensitivity of the price of a bond or other debt instrument to changes in interest rates, representing the weighted average time to receive the bond's cash flows.

Coupon

A voucher entitling the holder to a discount for a particular product or service.