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You own a fixed-income asset with a duration of seven years. If the level of...

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Accounting

You own a fixed-income asset with a duration of seven years. If the level of interest rates, which is currently 8.4%, goes down by 10 basis points, how much do you expect the price of the asset to go up/down (in percentage terms)? (Input the value as a positive value. Do not round intermediate calculations. Round your answer to 2 decimal places.)

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