four

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：

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.