Exercise 4.2.2 Duration is usually expressed in percentage terms for quick mental calculation: Given duration D%, the
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Exercise 4.2.2 Duration is usually expressed in percentage terms for quick mental calculation: Given duration D%, the percentage price change expressed in percentage terms is approximated by −D% × r when the yield increases instantaneously by r%. For instance, the price will drop by 20% if D% = 10 and r = 2 because 10×2 = 20. Show that D% equals modified duration.
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