Question: 16) The modified duration: A) will be the same for any bonds that have equal times to maturity. B) only applies to pure discount securities.

16) The modified duration: A) will be the same for any bonds that have equal times to maturity. B) only applies to pure discount securities. C) is equal to the Macaulay duration divided by (1 + Yield to maturity ). D) multiplied by (-1 x Change in the yield to maturity) equals the approximate percentage change in a bond's price. [) must be converted to a Macaulay duration before computing the percentage change

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