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b) Calculate the duration for a 4-year coupon paying bond with 6% annual coupon payment and which has $1 million face value, while the yield

b) Calculate the duration for a 4-year coupon paying bond with 6% annual coupon payment and which has $1 million face value, while the yield to maturity is 7%. What would be the change in the bond price if the yield to maturity rises 1 basis point (from 7% to 7.01%)?

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