Question: 3. A bond with exactly nine years remaining until maturity offers a 3% coupon rate with annual coupons. The bond, with a yield-to-maturity of 5%,

3. A bond with exactly nine years remaining until maturity offers a 3% coupon rate with

annual coupons. The bond, with a yield-to-maturity of 5%, is priced at 85.784357 per

$1,000 of par value. What is the estimated price value of a basis point for the bond?

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