Which of the following is NOT TRUE? The effective annual rate of interest will always be equal to or larger than the nominal annual rate of interest. A change in the current yield, defined as Coupon Payment/Price of the Bond, always signals change in the opposite direction as the yield to maturity. The volatility of a bond is given by: Duration/(1 + yield). The present value of a ten-year annuity of $300 receiving at the beginning of every year calculated using a 10% annual discount rate is equal to (1+10%) X (The present value of a ten-year annuity of $300 receiving at the end of every year calculated using a 10% annual discount rate)