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A 10 year annual coupon bond has a modified duration of 7.876 years based on its 4% annual effective yield to maturity. The bonds redemption

A 10 year annual coupon bond has a modified duration of 7.876 years based on its 4% annual effective yield to maturity. The bonds redemption value is the same as its face value of $1000. if the bonds annual coupon rate were increased by 1% what would be the new purchase price assuming the same old rate of 4%

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