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A bond has 2 year to maturity, 6% coupon, 8% yield and pays annually. The current price of the bond is $964.3347. If yield increases

A bond has 2 year to maturity, 6% coupon, 8% yield and pays annually. The current price of the bond is $964.3347. If yield increases by 25 basis points, estimate the new bond price using the duration model. PLEASE USE: ( change in P / P ) / ( change in R / (1 + R) = - Duration

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