Which of the following statements is INCORRECT?

Select one:

a.Other things being the same, lower-coupon bonds have more curvature in the price-yield curve.

b.Duration changes only because of time passage.

c.Convexity adjustment improves duration price approximation.

d.Duration of a zero-coupon bond is the same as time to maturity.

e.Duration overestimates the decline in price for an increase in interest rates.