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A 5.5% bond with 10 years remaining maturity pays coupons quarterly and a $1,000 par value. The yield to maturity on the bond is 4.7%.

A 5.5% bond with 10 years remaining maturity pays coupons quarterly and a $1,000 par value. The yield to maturity on the bond is 4.7%. What is the estimated price change of the bond using duration and convexity if rates rise by 75 basis points?

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