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A 12-year, 5% coupon bond pays interest annually. The bond has a face value of $1,000. What is the change in the price of this
A 12-year, 5% coupon bond pays interest annually. The bond has a face value of $1,000. What is the change in the price of this bond (give me a percentage change) if the market yield rises to 6% from the current yield of 4.5%?
Please show work based on financial calculator solution.
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