Maturity pays an interest payment semi-annually

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A $1,000 par value bond with five years left to maturity pays an interest payment semi-annually with a 6 percent coupon rate and is priced to have a 5 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: EM13722075

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