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A bond has an annual modified duration of 6.25 years and an annual convexity of 45.25. If the bonds yield to maturity decreases by 50

A bond has an annual modified duration of 6.25 years and an annual convexity of 45.25. If the bonds yield to maturity decreases by 50 basis points, the expected percentage price change is closest to:

a) 3.07%

b) -3.07%

c) -2.65%

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