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Question: What happens to the price of a three-year bond with an 8% coupon when interest rates change from 8% to 6%? Answer: Price increase

Question: What happens to the price of a three-year bond with an 8% coupon when interest rates change from 8% to 6%?

Answer: Price increase of $1053.44

Please show how, thank you!

(This is all the information I was given)

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