Question: When the YTM changes, either up or down, the actual price of the security compared to a price obtained by a (linear) approximation using duration

When the YTM changes, either up or down, the actual price of the security compared to a price obtained by a (linear) approximation using duration is Hint: draw a price-yield curve to analyze how the price changes in response to changes in the yield. Higher Lower Exactly equal to Can be higher or lower than the approximated price, depending on other characteristics of the security

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