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Hi, I need a thorough and complete explanation step by step for this problem to understand how to solve it. Problem: By what amount will

Hi, I need a thorough and complete explanation step by step for this problem to understand how to solve it.

Problem: By what amount will the market value of a Treasury bond futures contract change if interest rates rise from 5 to 5.25 percent? The underlying Treasury bond has a duration of 10.48 years and the Treasury bond futures contract is currently being quoted at 113-06. (Remember that Treasury bonds are quoted in 32nds.)

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