Which statement about zero-coupon bonds relative to coupon bonds with the same maturity is true?

Which statement about zero-coupon bonds relative to coupon bonds with the same maturity is true?

• A. Zero-coupon bonds have shorter duration.
• B. Zero-coupon bonds have the same duration as coupon bonds.
• C. Zero-coupon bonds have lower duration than coupon bonds due to no coupons.
• D. Zero-coupon bonds typically have higher duration due to lack of periodic cash flows.

Answer: (D)