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The material mentions that the volatility of the derivative is Duration multiplied by the volatility of underlying. E.g Interest rate volatility is 0.5% and duration of gov bond is 8, then volatility of gov bond will be 8*0.5% = 4%. Any leads as to how this is derived?

I am a bit confused if someone asks you how do you calculate vega for Interest Rate Swap. From my understanding, volatility or Implied Volatility is what can be derived from current market price. So for option pricing, you can calculate how market price varies with change in volatility (Black...