Convexity Implies That Duration Predictions _______

Convexity implies that duration predictions _______.
I.underestimate the % increase in bond price when the yield falls
II.underestimate the % decrease in bond price when the yield rises
III.overestimates the % increase in bond price when the yield falls
IV.overestimates the % decrease in bond price when the yield rises

A) I and III only
B) II and IV only
C) I and IV only
D) II and III only

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