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A bond (paying semiannual coupons) has a 9% annual yield. It has a modified duration of 6 years and it is traded at $985.00. If

A bond (paying semiannual coupons) has a 9% annual yield. It has a modified duration of 6 years and it is traded at $985.00. If the yield decreases to 8%, the new bond price is closest to:

Group of answer choices

$1,044.10

$1,048.04

$925.90

$1,091.40

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