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The price of a bond is $100 and it has a Macaulay duration of 18.72 years and a convexity of 2400 as per annum. If

The price of a bond is $100 and it has a Macaulay duration of 18.72 years and a convexity of 2400 as per annum. If rates decrease from 8% to 7.5% per annum compounded semiannually then algebraically find the approximate new price of the bond. Your final answer should be correct to 2 places after the decimal point.

The approximate new price is________________________.

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