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The duration of a fixed-income portfolio is best interpreted as the: A. first derivative of the price function for the bonds in the portfolio. B.

The duration of a fixed-income portfolio is best interpreted as the: A. first derivative of the price function for the bonds in the portfolio. B. percentage change in the portfolios value if interest rates change by 100 basis points. C. weighted average number of years to receive the present value of the portfolios cash flows.

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