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A bond is scheduled to mature in five years. Its coupon rate is 9 percent...

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A bond is scheduled to mature in five years. Its coupon rate is 9 percent with interest paid annually. This $1,000 par value bond carries a yield to maturity of 10 percent. It has a modified duration of 3.839 years. Calculate the percentage change in this bond's price if interest rates on comparable risk securities increase to 13 percent

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