Question 1 Jon bought a bond at a purchase price of 3,500. It has an...
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Question 1 Jon bought a bond at a purchase price of 3,500. It has an annual effective yield rate of 9% and a modified duration of 15. After Jon bought the bond, the yield rate increases to 11%. Calculate the approximate price of the bond using the first-order Macaulay approximation A 2,450 B 2,500 2,550 D 2,600 E 2,650
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