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5. Are the following statements true or false? Explain. (15 pts) a) The modified duration and Macaulay duration of a bond is always less than

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5. Are the following statements true or false? Explain. (15 pts) a) The modified duration and Macaulay duration of a bond is always less than the maturity. b) The lower the coupon, the greater the duration of the bond. c) As the required yield increases, the convexity of a bond decreases

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