Futures contract rounding EOC 2, R 23; SS11

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This question relates to how many futures contracts should be bought/sold in order to increase/decrease duration. I’m not clear on the conventions for rounding of the futures contract.
The answer is that 119.69 futures should be bought, so I put down “Buy 120 futures contracts”
CFAI rounds it down to 199. Can someone explain if we always round down?

 

[S2000magician]

I’d round it to the closest whole number.
There’s no reason that 119’s better than 120.
Note, however, that if you’re changing both value and duration, you shouldn’t round until you tot up all of the contracts.
I wrote a series of articles on this that may be of some help, starting here: http://financialexamhelp123.com/level-iii-risk-management-applications-o...

 

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thanks magician, i thought that one rounds to nearest integer, so I went up to 120. i’ll see if their approach differs from question to question once i get to working on mocks.

 

[S2000magician]

You’re welcome.