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An 8%, 15-year bond has a yield to maturity of 10% and a modified duration of 7.25 years. If the market yield changes by 50

An 8%, 15-year bond has a yield to maturity of 10% and a modified duration of 7.25 years. If the market yield changes by 50 basis points, how much change will there be in the bond's price?

1.85%

6.44%

3.63%

2.01%

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