单选题 An analyst does research about bond price and gathers the following information about a callable bond:
Par value $1000000
Current market value $923686
Effective duration 3.5
Modified duration 3.1
If yields are expected to increase by 125 basis points, the expected price change for the bond is closest to:
A. -$35793
B. -$40411
C. -$4,3750

【正确答案】 B
【答案解析】[解析] -$923686×0.0125×3.5=-$40411。因为题目中是计算可赎回债券，而现金流是不确定的，所以只能用有效久期进行计算。