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The reason that interest rate risk is greater for long-term bonds than for short-term bonds is that the change in rates has a greater effect on the present value of the Par Value than on the present value of the Coupon.
Long-term bonds are investments that span a maturity term of at least 10 years and up to 30 years.
They usually pay a higher interest rate than the short-term bonds which span between a year and three years.
See the link below for more about long-term bonds:
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