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A 9 -year bond has a yield of 14% and a duration of 8.157 years. If the market yield changes by 85 basis points, what
A 9 -year bond has a yield of 14% and a duration of 8.157 years. If the market yield changes by 85 basis points, what is the percentage change in the bond's price? (Assume modified duration and a positive increase in yield change. Do not round intermediate calculations. Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.)
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