Question: 4. Total: 10% marks A bond with a par value of $100 matures in 10 years with a coupon of 4.5% paid semiannually; it is

4. Total: 10% marks A bond with a par value of

4. Total: 10% marks A bond with a par value of $100 matures in 10 years with a coupon of 4.5% paid semiannually; it is priced to yield 5.83% and has a modified duration of 7.81. If the yield of the bond declines by 0.25%, what is the approximate percentage price change for this bond

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