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Sue buys a 10 year 1000 bond at par. The Macaulay duration is 8.329 years using an annual effective interest rate of 6.8%. b. Calculate

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Sue buys a 10 year 1000 bond at par. The Macaulay duration is 8.329 years using an annual effective interest rate of 6.8%. b. Calculate the estimated price of the bond, using the first-order Macaulay approximation if the interest rate rises to 7%

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