Determine by how much will the bonds price change

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A $1,000 par value bond with five years left to maturity has 6% coupon rate. Coupon payment is made annually and the bond is priced to have a 5% yield to maturity (YTM).

If the YTM surprisingly increases by 0.5%, by how much will the bond's price change?

Reference no: EM131881803

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