Hello,
do you know if they expect you to write out the whole formula in the morning sessions. I see the guideline answer spilling out formula an explanation of all the varables used eg .MDUR_t is modified duration of portolio etc.
If yes, do you have time for this on the exam? I was thinking plug n chug would be enough?
I think the questions ask you to “show your working” when they expect you to write out the formula and steps to arrive at your answer. Also, similar to L1 and L2, not that many questions require formula/calculations.
You need to write out the formula before putting in the numbers. It is worth a point every time to get the formula right