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Which of the following statements about duration of a bond is least accurate? A. The dollar change in price for a 1% change in yield is approximately equal to the product of the duration and the current value of the bond divided by 100. B. If a bond has an effective duration of 7.5, it means that a 1% change in rates will result in a 7.5% change in price. C. The duration of a floater is equal to the time to the next reset date. |