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A 1 0 year, 1 2 % coupon bond ( annual payment ) , trading at a YtM of 1 2 % has duration of

10

year,

12 %

coupon bond

(

annual payment

),

trading at a YtM of

12 %

has duration of

10 .

If yields rise by

50

bps

,

the bond price changes by

?

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