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a An annual corporate bond is priced to yield 8% annually and has a price of 920.29 and a Macaulay duration of 4.53. Using the
a An annual corporate bond is priced to yield 8% annually and has a price of 920.29 and a Macaulay duration of 4.53. Using the first-order modified approximation to estimate the price if the rate changes to 8.1%
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Public Finance
Authors: Harvey S Rosen
6th Edition
0072374055, 978-0072374056
