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12. An annual-coupon corporate bond has a yield of 7.2% at its current price of 972.48. At 7.2%, the bond's Macaulay duration is 7.1245. Using
12. An annual-coupon corporate bond has a yield of 7.2% at its current price of 972.48. At 7.2%, the bond's Macaulay duration is 7.1245. Using the modified approximation method, estimate the change in price that would cause the bond's yield to increase by 0.10%. A) -6.463 B) -6.685 C) -6.814 D) -7.012 E) -7.163
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