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8.26 James Smith and Donald Robertson are assistant portfolio managers for Micro Management Partners. Smith and Robertson are discussing the riskiness of two Treasury securities,

8.26 James Smith and Donald Robertson are assistant portfolio managers for Micro Management Partners. Smith and Robertson are discussing the riskiness of two Treasury securities, Bonds A and B: Smith claims that Bond B has more price volatility because of its higher modified duration. Robertson disagrees noting that Bond A has more price volatility despite its lower modified duration. Which manager is correct

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