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The Macaulay duration of a $1000 bond purchase at par woth annual interest rate of 6% equals 6.32 years. Using modified approximation to estimate the

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The Macaulay duration of a $1000 bond purchase at par woth annual interest rate of 6% equals 6.32 years. Using modified approximation to estimate the price of the bond if the interest rate jumps to 7%. This is financial math. Please solve using formulas and show all steps everything step by step. Please Solve It out on paper. Thank you in advance. The Macaulay duration of a $1000 bond purchased at par 'withe annual interest rate of 6% equals 6.32 years Use modified approximation to estimate the price of the f the interest rate bond jumps to 7%

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