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This morning, Tim bought a 6% coupon bond at par value. The bond pays monthly interest and has sixteen years to maturity. By what percentage

This morning, Tim bought a 6% coupon bond at par value. The bond pays monthly interest and has sixteen years to maturity. By what percentage will the price of Tim's bond change if market interest rates rise by 2.5% tonight?

A) -23.79%

B) -21.83%

C) -19.72%

D) -18.06%

E) None of the above

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