A low-coupon security is more price-volatile [in response to a given change in yield] that a high-coupon security.” True

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A low-coupon security is more price-volatile [in response to agiven change in yield] that a high-coupon security.” True or false,or what? Explain carefully.
21. In what sense is the “yield to maturity” an “interest rate?”Explain.
22. and 23. *(DOUBLE-WEIGHT) Suppose a call option on a givenstock has premium $5 per share, and the put option at the sameexercise price (E=$100) has premium $3 per share. The price of aTreasury security having the same maturity as the options is .9900(dollars per face). a. What would you expect the price of theunderlying security to be? b. Illustrate with a graph the profit orpayoff profile that would result from a “covered call” (write callon the security you own) on this stock. Explain.