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A bond with a 7-year duration is worth $1,070, and its yield to maturity is 7.0%. If the yield to maturity falls to 6.94%, you

A bond with a 7-year duration is worth $1,070, and its yield to maturity is 7.0%. If the yield to maturity falls to 6.94%, you would predict that the new value of the bond will be approximately _________.

$1,069.36

$1,070.00

$1,074.17

$1,070.64

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