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Please show all steps and double check your work! Question 8 1 pts A $1000 par semiannual-pay bond has a current price of $961 has

Please show all steps and double check your work!

Question 8 1 pts A $1000 par semiannual-pay bond has a current price of $961 has a modified duration of 4.94. Suppose the yield on the bond suddenly increases by 0.72 percent. Use duration to estimate the new price of the bond. Answer to two decimals. Carry intermediate calcs. to four decimals

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