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A 30-year zero coupon bond with a face value of $5,000 is currently selling for $1,156.88 and has a market rate of interest of 5%.

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A 30-year zero coupon bond with a face value of $5,000 is currently selling for $1,156.88 and has a market rate of interest of 5%. Using the bond's modified duration, what is the approximate change in the price of the bond if interest rates fall to 4.25%? Increase of $247.90

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