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A bond has a par value of $1,000, a coupon rate of 6.60 percent (paid annually), and that matures in 12 years. Assume the market

A bond has a par value of $1,000, a coupon rate of 6.60 percent (paid annually), and that matures in 12 years. Assume the market interest rate
on this bond is 9.95 percent and it increases 55 basic points. Calculate the percentage change in the value of the bond.

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