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An 8% annual coupon 30-year bond is selling at 9% YTM. Its current price is $897.26 and its Macaulay Duration is 11.37 years. Estimate the

An 8% annual coupon 30-year bond is selling at 9% YTM. Its current price is $897.26 and its Macaulay Duration is 11.37 years. Estimate the percentage change in the bond price if the YTM drops to 8.8% based on Macaulay Duration and estimate the change in bond price.

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