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A bond has a duration of 6.23 years and the yield to maturity is 8%. If interest rates are expected to decrease from 8% to

A bond has a duration of 6.23 years and the yield to maturity is 8%. If interest rates are expected to decrease from 8% to 6%, what is the estimated percentage change in bond price according to its duration? Round your answer to two decimal places.

a. -12.46%

b. +12.46%

c.-11.54%

d. +11.54%

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