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But i guess for constant maturity and face value, i don't think the answer is entirely wrong. Its correct to say Premium > Par > Discounted > Deep Discount(like ZC) in terms of DV01 given other things (maturity, face value ) are equal.

1. 2.33 sqrt(5) 2. 1.645sqrt(5) 3. 2.33 sqrt(10) 4. 1.645sqrt(10) 5. 2.33 sqrt(15) 6. 1.645sqrt(15) so 1. 5.21 2. 3.6783 3. 7.368 4. 5.2 5. 9.024 6. 6.371 Therefore 5 > 3 > 6 > 1 > 4 > 2 Somehow they mean higher VaR is least risky. I m not sure if that is exactly reverse.

DV01 = Sum(Face(i)*Price(i)*Duration(i)) / Sum(Face(i)*Duration(i)) So here if its single bonds then its only the Price that matters. Premium bonds are quoted above Par and ZC bonds are discounted than Par. Hence b)