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Assume you have a 20-year semi-annual zero-coupon bond with $1,000 face value. The market rate increases from 3% to 4%. What is the change in

Assume you have a 20-year semi-annual zero-coupon bond with $1,000 face value. The market rate increases from 3% to 4%. What is the change in the bond's market value?

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$98

-$111

-$98

$111

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