NO.PZ2016031002000067
问题如下：
Ann wants to measure the relationship between bond price and yield for an option-free based on the duration. When the yield decreases, the estimation of price increment will be:
选项：
A.smaller.
B.larger.
C.either smaller or larger.
解释：
A is correct.
The relationship between bond price and yield for an option-free bond is convex while duration is a linear measurement. So the estimation of price increase just based on duration will be smaller than the actual price increase if the yield decreases.
我是想问如果只考虑duration的话，是不是yield上升和下降相同的base-point，price上升和下降都是同等的，相同的！（就不是涨多跌少了吧，就是都一样了吧？）
