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A bond has a Macaulay duration of 8 years. What will be the percentage change in the bond price if the yield to maturity increases

A bond has a Macaulay duration of 8 years. What will be the percentage change in the bond price if the yield to maturity increases from 5 percent to 5.4 percent?

Select one:

a. -3.12 percent

b. -2.43 percent

c. -3.38 percent

d. -3.46 percent

e. -2.23 percent

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