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A bond has 1 year to maturity, 6% coupon, 8% yield and pays semiannually. The price of the bond is $981.139. If yield increases by

A bond has 1 year to maturity, 6% coupon, 8% yield and pays semiannually. The price of the bond is $981.139. If yield increases by 25 basis points, calculate the new bond price using the duration model.

978.82 is the answer, please show how you got to the answer.

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