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16. Assume that the price of a $1,000 zero coupon bond with five years to maturity is $617 when the required rate of return is

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16. Assume that the price of a $1,000 zero coupon bond with five years to maturity is $617 when the required rate of return is 7 percent. If the required rate of return suddenly changes to 11 percent, what is the price elasticity of the bond? (2 points) -0.37 +0.37 -0.79 +0.79 none of the above

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