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Zero coupon bonds have a duration equal to the bond's time to maturity, which makes them sensitive to any changes in the interest rates. Investment banks or dealers may separate coupons from the principal of coupon bonds, which is known as the residue, so that different investors may receive the principal and each of the coupon payments.
On 15 August 1945 Australian Prime Minister Ben Chifley announced on radio that Japan had unconditionally surrendered to allied forces. This day, which has become known as VP Day, was marked with jubilant celebrations across the nation as citizens looked towards a future free of conflict and fear of invasion.