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A bond with a $1,000 par, 7 years to maturity, a coupon rate of 3%, and annual payments has a yield to maturity of 3.9%.

A bond with a $1,000 par, 7 years to maturity, a coupon rate of 3%, and annual payments has a yield to maturity of 3.9%. What will be the percentage change in the bond price if the yield changes instantaneously to 4.8%?

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