Duration approximate percentage change in the price of bond

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Reference no: EM131566594

Consider a U.S. 30-year corporate bond with the following characteristics:

Settlement date: May 5, 2017

Maturity date: March 15, 2047

Coupon: 3.25%

Yield: 4.56%

Frequency: ?

Basis: actual / actual

c-If the yield decreases by 15 basis points, what is the duration approximate percentage change in the price of the bond? Make sure to show your work.(Frequency not given)

Reference no: EM131566594

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