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ABC Inc. just issued 12-year, 9% coupon bonds at par. Assume market interest rates rise by seven percentage points. By what percentage will the price

ABC Inc. just issued 12-year, 9% coupon bonds at par. Assume market interest rates rise by seven percentage points. By what percentage will the price of ABC's bond change?

A) -38.83%

B) -36.38%

C) -23.79%

D) -21.83%

E) -19.72%

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