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Given the original price of an 8-year bond with par 1000 and a coupon rate of 6% paid semiannually is 1150. If the yield on

Given the original price of an 8-year bond with par 1000 and a coupon rate of 6% paid semiannually is 1150. If the yield on the bond fell 1% from the original, what effect would this have on the price of the bond? Price ___ (increase/decrease) by % (Fill in the blanks) *please give the calculation too (no excel)

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