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can someone show each step to this 2. Suppose an annual bond has a Macaulay duration of 11 years. The bond current price is $950

image text in transcribed can someone show each step to this

2. Suppose an annual bond has a Macaulay duration of 11 years. The bond current price is $950 and yield to maturity is 8%. If the yield to maturity increases to 8.5%, estimate approximately the new price of the bond. Ans: 901.62

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