Why are longer-term bonds more sensitive to changes in interest rates than shorter-term bonds?

FINANCIAL MANAGEMENT 3 Why are longer-term bonds more sensitive to changes in interest rates than shorter-term bonds? Describe the four key bond valuation relationships. Text: Financial Management: Principles and Applications Thirteenth Edition ISBN (U.S.): 9780134417219 Sheridan Titman, Arthur J. Keown & John D. Martin

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