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An investor wants to find the duration of a(n) 25 yoar, 7% semiannual pay, noncallable bond thats currently priced in the market at $661.37, to

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An investor wants to find the duration of a(n) 25 yoar, 7% semiannual pay, noncallable bond thats currently priced in the market at $661.37, to yield 11%. Using a 100 basis point change in yield, find the effective duration of this bond (Hint use Equation 11.11) The new price of the bond if the market interest rate decreases by 100 basis points (or 1% ) b 1 (Round to the nearest cent) (R)

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