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A bond has a modified duration of 8 and a price of 112,955 when calculated using an annual effective interest rate of 6.4%. If the

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A bond has a modified duration of 8 and a price of 112,955 when calculated using an annual effective interest rate of 6.4%. If the interest rate increases to 7.0%, estimate the percentage amount by which the price of this bond changes using a first-order approximation based on Macaulay duration. (5 points)

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