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A 4.8% coupon bearing bond that pays interest semi-annually has a yield to maturity of 7.9% per year. If the bond has a duration of
A 4.8% coupon bearing bond that pays interest semi-annually has a yield to maturity of 7.9% per year. If the bond has a duration of 14.6 years and the market yield increases 80 basis points, calculate an estimate of the percent price change due to duration alone. (Answer to the nearest hundredth of a percent, i.e. 1.23 but do not use the % sign).
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