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　　14.   Which of the following statements are TRUE?
　　I      The convexity of a 10-year zero coupon bond is higher than the convexity of a 10-year, 6% bond
　　II      The convexity of a 10-year zero coupon bond is higher than the convexity of a 6% bond with a duration of 10 years.
　　III     Convexity grows proportionately with the maturity of the bond
　　IV    Convexity is always positive for all types of bonds.
　　V     Convexity is always positive for “straight” bonds.
　　A.    I only
　　B.    I and II only
　　C.    I and V only
　　D.    II, III, and V only
　　答案：C
　　答疑：這道題目考察的是convexity的性質(zhì)， All else equal, convexity increase for longer maturities, lower coupons, and lower yields。需注意的是，convexity是與到期日的平方成正比的。