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Calculate the duration of a 5-year, 8 percent coupon bond with a face value of $100. Assume that the yield on this bond is 7

Calculate the duration of a 5-year, 8 percent coupon bond with a face value of $100. Assume that the yield on this bond is 7 percent and coupons are paid annually. If the yields increase by 40 basis points, how much does the price of the bond change approximately? Use duration approximation.

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