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Consider a fixed coupon bond and a zero coupon bond (ZCB). Assume they have the...

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Finance

Consider a fixed coupon bond and a zero coupon bond (ZCB). Assume they have the same maturity and required yield. The fixed coupon bond has _____ (higher or lower) interest rate risk than the ZCB, and has ________ (higher or lower) reinvestment risk than the ZCB.

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