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A bond has a Modified Duration of 16 years, YTM at 10%, trading at $70. What is the approximate change in price for a decrease

A bond has a Modified Duration of 16 years, YTM at 10%, trading at $70. What is the approximate change in price for a decrease in yield of 0.1%?

1 point

a. +1.6

b. +1.6%

c. -1.6

d. -1.6%

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