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Which of the following are true? The duration of the portfolio is the weighted average of the duration of each asset in the portfolio, weighted

Which of the following are true?

The duration of the portfolio is the weighted average of the duration of each asset in the portfolio, weighted

by the price of each asset.

Using the modified duration to estimate the change in price for an asset always underestimates the price.

The convexity of a fixed cash flow asset is always negative.

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