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13. The duration for Macy's ten-year, 15% percent coupon bond is 6.3 years when the interest rate is 10%. What happens to the price of

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13. The duration for Macy's ten-year, 15% percent coupon bond is 6.3 years when the interest rate is 10%. What happens to the price of Macy's bond if the interest rate decreases to 9% percent if you use the modified duration (ievolatility for the approximation? a. The price increases by 5.73%. b. The price increases by 6.93%. c. The price increases by 1.00%. d. The price increases by 3.06%. Please Show Your Calculation Stens Below

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