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CFA Level I
Mock examTime left 4:12:40
Question 7 of 180
6 answered
All questionsAn analyst deposits $10,000 in an account paying 6% annual interest, compounded quarterly. The value of the account after two years is closest to:
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Duration and interest rate risk
Think of duration as a bond’s balance point. Lay every coupon and the final principal on a timeline, each weighted by its present value, and duration is where the timeline balances.
- Reframed
Opens on a picture before the formula.
Modified duration (Macaulay duration divided by one plus the yield per period) turns that time into a price sensitivity. A modified duration of 7.5 means the price moves about 7.5% for each 1% change in yield.
- Defined
Defines the term where it first appears.
What makes duration longer
A longer maturity makes duration longer. A higher coupon or a higher yield makes it shorter, because more of the bond’s value arrives early.
- Simplified
Plainer words, same three rules.
A zero-coupon bond pays nothing until maturity, so its Macaulay duration equals its maturity.
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