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Calculate the duration of a 4-year, 4 percent coupon bond with a face value of $1000. Assume that the yield on this bond is 5

Calculate the duration of a 4-year, 4 percent coupon bond with a face value of $1000. Assume that the yield on this bond is 5 percent. If the interest rates decrease 10 basis points, what would be the approximate change in the price of the bond using duration approximation?

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