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A 12-year, 6 percent, option-free bond is currently trading at par. The bond has a duration of 8.38 years and a convexity of 91.93. Your estimate of the percent price change (PPC) associated with a 100 basis point decrease in yield is closest to: A. 7.92 percent increase. B. 8.84 percent decrease. C. 7.92 percent decrease. D. 8.84 percent increase. |