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Problem 16-3 A 9-year bond has a yield of 11% and a duration of 7.217 years. If the market yield changes by 65 basis points,

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Problem 16-3 A 9-year bond has a yield of 11% and a duration of 7.217 years. If the market yield changes by 65 basis points, what is the percentage change in the bond's price? (Do not round intermediate calculations. Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.) The percentage change in the bond's price is (4.23) %

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