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A bond possesses a duration of 5.48 years. Suppose that market interest rates on comparable bonds were 6.75 percent this morning, but have now shifted

A bond possesses a duration of 5.48 years. Suppose that market interest rates on comparable bonds were 6.75 percent this morning, but have now shifted downward to 6.50 percent. What percentage change in the bonds value occurred when interest rates decreased by 25 basis points? Answer: __________% (two decimal points)

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