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You own a 15-year bond. The coupon rate is an annual 9%, payable semiannually. The price of the bond is 95.50. The modified duration is

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You own a 15-year bond. The coupon rate is an annual 9%, payable semiannually. The price of the bond is 95.50. The modified duration is 3.20. Calculate the approximate price of the bond if there is a 0.5% increase in the interest rate using the approximation formula with modified duration

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