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Trembol Co.s bonds, maturing in 3 years, pay 8 percent interest on a $1,000 face value. Interest is paid once per year. Assume that the

Trembol Co.s bonds, maturing in 3 years, pay 8 percent interest on a $1,000 face value. Interest is paid once per year. Assume that the modified duration of this bond is 2.62 years. If the market yield rises by 1%, how much change will there be in the bond's price in %?. What will be the new price of the bond?

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