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Consider a bond with a (Macaulay) duration of 6.9 years. If the yield-to-maturity of the bonds increases from 3.0% to 4.0%, what will be the

Consider a bond with a (Macaulay) duration of 6.9 years. If the yield-to-maturity of the bonds increases from 3.0% to 4.0%, what will be the percentage change in the price of the bond? Assume annual payments.

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