In general, the duration of zero-coupon securities with short maturities is ____ than the duration of zero-coupon securities with long maturities.

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Zero-coupon securities with short maturities have lower durations than those with long maturities. This is because the longer a security's maturity, the more its price will be affected by changes in interest rates. Zero-coupon securities with short maturities have less time for interest rates to change, so their prices are less sensitive to interest rate fluctuations.

In General, the Duration of Zero-Coupon Securities with Short Maturities