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(Bonds) A bond with a $1,000 par, 5 years to maturity, a coupon rate of 3%, and annual payments has a yield to maturity of
(Bonds) A bond with a $1,000 par, 5 years to maturity, a coupon rate of 3%, and annual payments has a yield to maturity of 3.6%. What will be the percentage change in the bond price if the yield changes instantaneously to 5.3%? (If your answer is, e.g., -1.123%, enter it as -1.123. If the sign of the price change is incorrect, no credit will be given.) ______ Calculate the answer by read surrounding text.
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