Question: (1 point) (Exam FM Sample Problem 178) A 20-year bond priced to have an annual effective yield of 9.5% has a Macaulay duration of 20

(1 point) (Exam FM Sample Problem 178) A 20-year bond priced

(1 point) (Exam FM Sample Problem 178) A 20-year bond priced to have an annual effective yield of 9.5% has a Macaulay duration of 20 . Immediately after the bond is priced, the market yield rate increases by 0.5%. Calculate the bond's approximate percentage price change using a first-order Macaulay approximation. The price is decreasing by %

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