How much would bonds price change

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Reference no: EM131458695

A $1,000 par value bond with seven years left to maturity pays an interest payment semiannually with a 4 percent coupon rate and is priced to have a 3.7 percent yield to maturity. If interest rates surprisingly increase by 0.5 percent, by how much would the bond's price change? (Do not round intermediate calculations. Round your answer to 2 decimal places, (e.g., 32.16))

Reference no: EM131458695

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