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A bond has a par value of $1000, a coupon rate of 4.89 percent (paid annually) and that matures in 8 years. Assume the market
A bond has a par value of $1000, a coupon rate of 4.89 percent (paid annually) and that matures in 8 years. Assume the market interest rate on this bond is 11.87 percent and it increases 57 basic points. Calculate the percentage change in the value of the bond. (Calculate duration of the bond first). Round answer to two or more decimal places in percentage form.
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