Question about immunization target and reinvestment

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From the book: [content removed by moderator]
Why is it not opposite, an upward sloping yield curve should give higher reinvestment income or…?
 
Suppose that you have a 2-year, annual-pay, 6% coupon bond. The 1-year par rate is 3% and the 2-year par rate is 5%, so your YTM is 5%. If the yield curve remains unchanged, then your next coupon will be invested at only 3% (because there will be only 1 year left to maturity). Thus, your total return will be less than 5%.
 
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