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I want explanation please with how the answer would come out to be? A year ago , a corporation issued a 10 - year bond

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I want explanation please with how the answer would come out to be?

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A year ago , a corporation issued a 10 - year bond with face value of $1,000 and coupon rate of 5.5% at par . Today , interest rates have declined , causing the yield- to- maturity to drop by 1 3% versus the yield- to - maturity when the bond was issued last year . Calculate by what percentage the price of the bond has increased over the past year based on this decline in the yield O - maturity Note : Enter your answer rounded to the nearest first digit after the decimal point . For example , if your calculated price calculat increase is 0 0542 or 5 . 42% enter your answer as : 5.4

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