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A 5-year 8% coupon bond with annual payments (face value = 10,000) currently trades at par. Its annual Macaulay duration is 8.77 years. Suppose yield

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A 5-year 8% coupon bond with annual payments (face value = 10,000) currently trades at par. Its annual Macaulay duration is 8.77 years. Suppose yield goes down by 0.5%. Calculate the approximate dollar change in price using duration. Round your answer to 2 decimal places

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