-Select- risk is the risk of a decline in a bond's value due to an increase in interest rates. This risk is higher on bonds that have long maturities than on bonds that will mature in the near future. -Select- risk is the risk that a decline in interest rates will lead to a decline in income from a bond portfolio. This risk is obviously high on callable bonds. It is also high on short-term bonds because the shorter the bond's maturity, the fewer the years before the relatively high old-coupon bonds will be replaced with new low-coupon issues. Which type of risk is more relevant to an investor depends on the investor's -Select- , which is the period of time an investor plans to hold a particular investment. Longer maturity bonds have high -Select- risk but low -Select- risk, while higher coupon bonds have a higher level of -Select- risk and a lower level of -Select- risk. To account for the effects related to both a bond's maturity and coupon, many analysts focus on a measure called -Select- , which is the weighted average of the time it takes to receive each of the bond's cash flows. Conceptual Question: Which of the following bonds would have the largest duration