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A bond that pays coupons annually has a 10 percent yield to maturity and a price of $1,170. Annual interest rates are now projected to

A bond that pays coupons annually has a 10 percent yield to maturity and a price of $1,170. Annual interest rates are now projected to increase by 11 basis points. The bond's duration is 8 years. What is the predicted new bond price using duration?

$1,124.56

$1,160.64

$1,098.27

$972.81

$1,190.36

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