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How much would be the loss in price if an investor purchased a 37-year bond with a $1,000 par value, a 7% coupon paid annually

How much would be the loss in price if an investor purchased a 37-year bond with a $1,000 par value, a 7% coupon paid annually and a 8% yield to maturity at the beginning, only to see market interest rates increase to 16% one year later? Multiple Choice $442.06 $309.44 $353.65 $486.26

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