bkballa

I know that duration measures sensitivity of price for a 100 bps change in interest rates , but always thought that the said interest rate was an annual one . Now 9 bps change for one quarter will wipe out 75 bp of yield but the 9bps is not an annual number . On the same basis , it would be annualized at about 36 bps . But they never mention this. Am I wrong to assume ( or even write down in the answer in the exam ) that it is 9.04 bps per quarter or 36.16 bps per annum change?