An 8% coupon bond with annual payments (face value =10,000 ) currently trades at par....
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An 8% coupon bond with annual payments (face value =10,000 ) currently trades at par. Its annual Macaulay duration is 6.81 years. Suppose yield goes down by 0.46%. Calculate the approximate dollar change in price using duration. Assume annual compounding. Round your answer to 2 decimal places
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