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A bond has a FV of $ 1 , 0 0 0 , a price of $ 1 , 0 2 0 . 0 5

A bond has a FV of $1,000, a price of $1,020.05, YTM of 6.2% and a duration of 7.883. What is the $ change in the price of the bond when its YTM falls by 0.25%?[Note: the question asks for the change in price rather than the new price.]

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