NO.PZ202305230100004906
问题如下：
The portfolio manager is interested in comparing the interest rate risk of Bond Three to that of Bond Four, a floating-rate note that resets every six months. On 1 June 2026, both bonds were priced to yield 5%. If the yield changes from 5% to 5.25% halfway through the first coupon period, which bond has the greater Macaulay duration?
选项：
A.Bond Three
Bond Four
Neither: The Macaulay duration is the same for both bonds.
解释：
A is correct. The Macaulay duration for Bond Three is 3.6747. The Macaulay duration for Bond Four is 0.5 because there is exposure to interest rate changes for one-half of the coupon period.
bond four为什么duration是0.5
