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please answer! a) Comment on Statement 1 from Whitney Statement 1 Granite uses effective duration to measure the sensitivity of the portfolio's price to a

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a) Comment on Statement 1 from Whitney Statement 1 "Granite uses effective duration to measure the sensitivity of the portfolio's price to a relatively small parallel shift in interest rates. For large parallel changes in interest rates, we make a convexity adjustment to improve the accuracy of the estimated price change. We believe that parallel shifts in the yield curve are rel- atively rare; therefore, duration by itself is inadequate to capture the full effect of changes in interest rates

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