In percentage terms, higher coupon bonds experience a _______ price change compared with lower coupon bonds of the same maturity given a change in yield to maturity.

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Higher coupon bonds experience a smaller percentage price change compared to lower coupon bonds of the same maturity when there is a change in yield to maturity. This is because higher coupon bonds have more cash flows occurring earlier, making them less sensitive to interest rate changes.

In Percentage Terms, Higher Coupon Bonds Experience a _______ Price