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The price of an eight-year 100 par value bond with 10% annual coupons is calculated at an annual effective interest rate of 8%. Estimate the

The price of an eight-year 100 par value bond with 10% annual coupons is calculated at an annual effective interest rate of 8%. Estimate the new price of this bond if the interest rate decreases to 7.92% using the first-order Macaulay approximation.

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