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A 9%, 16-year bond has a yield to maturity of 9% and duration of 7.25 years. If the market yield changes by 15 basis points,

A 9%, 16-year bond has a yield to maturity of 9% and duration of 7.25 years. If the market yield changes by 15 basis points, how much change will there be in the bond's price? Multiple Choice 1.00% 2.01% 2.67% 3.44%

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