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Consider a bond that pays annually an 8% coupon with 20 years to maturity and a face value of $1,000. The percentage change in the

Consider a bond that pays annually an 8% coupon with 20 years to maturity and a face value of $1,000. The percentage change in the price of the bond if its yield to maturity increases from 5% to 7% is closest to:

a. 22%

b. -22%

c. -24%

d. 24%

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