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3 b . Please help me with this finance homework. Please specify all the steps so I can understand the solution better. QUESTION 3 Bond

3

.

Please help me with this finance homework. Please specify all the steps so I can understand the solution better. QUESTION

3

Bond B pays

9 %

coupon annually and yield is

10 %

with

3

year maturity

(

Face Value $

1000) .

If interest rate increases by

1

basis point, what is

the amount of change in the bond price?

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