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The coupon rate of a $1,000 4-year bond is 6%. The bond makes annual coupon payments. (a) Find the duration of the bond if its

The coupon rate of a $1,000 4-year bond is 6%. The bond makes annual coupon payments. (a) Find the duration of the bond if its yield to maturity is 8%. b. What would be the approximate change in price of the bond if its yield to maturity decreases to 7.5%?

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