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Problem 16-3 A 9-year bond has a yield of 13% and a duration of 7.522 years. If the market yield changes by 70 basis points,

Problem 16-3

A 9-year bond has a yield of 13% and a duration of 7.522 years. If the market yield changes by 70 basis points, what is the percentage change in the bonds price? (Do not round intermediate calculations. Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.)

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