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Assume that you have purchased a 4-year bond with a coupon rate of 0.07 and a yield to maturity of 0.078. The par value of

Assume that you have purchased a 4-year bond with a coupon rate of 0.07 and a yield to maturity of 0.078. The par value of the bond is $1000. The current price of the bond is $973.3846 and the duration is 3.618695. If the yield of the bond changes by 55 basis point, calculate the change in price using the duration approximation

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