What is the change in the price of bond based on duration

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Reference no: EM131621991

Given the following information on a bond , if the interest rate increases by 1%(that is, from 5% to 6%), what is the change in the price of the bond based on duration?

Current market price = $950

Duration, D - 7.5

Yield to maturity = 5%

Reference no: EM131621991

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