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A 12-year bond, paying a coupon of 8 percent semi-annually with a YTM of 12 percent, has a modified duration of 6.83 years. If interest

A 12-year bond, paying a coupon of 8 percent semi-annually with a YTM of 12 percent, has a modified duration of 6.83 years. If interest rates decline by 50 basis points, what will be the percent change in price for this bond?

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