Question: ******* 7.04%*** is not correct A 9-year bond has a yield of 8.5% and a duration of 8.489 years. If the market yield changes by

******* 7.04%*** is not correct A 9-year bond has a yield of******* 7.04%*** is not correct

A 9-year bond has a yield of 8.5% and a duration of 8.489 years. If the market yield changes by 90 basis points, what is the percentage change in the bond's price? (Do not round intermediate calculations. Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.) The percentage change in the bond's price is 7.04 %

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