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An analyst is assessing the risk of a bond portfolio by applying measures of risk to the returns of the portfolio and the bonds. The portfolio includes a large position in bonds with embedded derivatives. Using the standard deviation as a risk measure for the bond portfolio is: A. not appropriate because the existence of the embedded derivatives would make the distribution of returns not normal. B. not appropriate because the existence of the embedded derivatives would make the distribution of returns normal. C. appropriate because the existence of the embedded derivatives would make the distribution of returns not normal. |