NO.PZ2016031001000059
问题如下：
Which bond will most likely experience the smallest percent change in price if the market discount rates for all three bonds increase by 100 basis points?
选项：
A. Bond A
B. Bond B
C. Bond C
解释：
B is correct.
Bond B will most likely experience the smallest percent change in price if market discount rates increase by 100 basis points. A higher-coupon bond has a smaller percentage price change than a lower-coupon bond when their market discount rates change by the same amount (the coupon effect). Also, a shorter-term bond generally has a smaller percentage price change than a longer-term bond when their market discount rates change by the same amount (the maturity effect). Bond B will experience a smaller percent change in price than Bond A because of the coupon effect. Bond B will also experience a smaller percent change in price than Bond C because of the coupon effect and the maturity effect.
请问这个题目怎么求duration呢？计算器可以吗？还是要现金流一笔笔算Macaulay duration，再➗（1➕ytm）得到modified duration？
