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A 9 - year bond has a yield of 7 % and a duration of 8 . 5 9 4 years. If the market yield
A year bond has a yield of and a duration of years. If the market yield changes by 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 decimal places.
The percentage change in the bond's price is
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