The duration of a 20-year,$1,000 bond at a COUPON rate of 8 percent is _________ the duration of an identical bond at a coupon rate of 6 percent.

Name: The duration of a 20-year,$1,000 bond at a COUPON rate of 8 percent is _________ the duration of an identical bond at a coupon rate of 6 percent.
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The duration of a bond decreases as the coupon rate increases because higher coupon payments are received earlier, reducing the bond's sensitivity to interest rate changes.

The Duration of a 20-Year,$1,000 Bond at a COUPON Rate