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Consider a 5.6 percent coupon bond with ten years to maturity and a current price of $1,057.70. Suppose the yield on the bond suddenly increases

Consider a 5.6 percent coupon bond with ten years to maturity and a current price of $1,057.70. Suppose the yield on the bond suddenly increases by 2 percent. a. Use duration to estimate the new price of the bond. b.Calculate the new bond price.

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