Which one of the following statements about RS and duration gaps is NOT true?

a.

Making the duration gap closer to zero can reduce the volatility of the present value of all future cash flows if interest rates change.

b.

The duration gap considers all cash flows up to and including maturity, whereas the RS gap really only considers how cash flows will change within the planning period.

c.

If a bank could only manage one type of gap, the bank would limit its interest rate risk the most by managing its RS gap instead of its duration gap.

d.

The duration based estimated change in equity value that occurs with a change in interest rates is only a rough approximation of the actual equity value change.

e.

The duration gap is superior to the RS gap because it is a more comprehensive measure of interest rate risk.