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An 8% coupon bond with annual payments (face value = 10,000) currently trades at par....

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Finance

An 8% coupon bond with annual payments (face value = 10,000) currently trades at par. Its annual Macaulay duration is 5.03 years.

Suppose yield goes down by 0.26%. Calculate the approximate dollar change in price using duration. Assume annual compounding. Round your answer to 2 decimal places.

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