Question: A 9 - year bond paying coupons annually has a yield of 8 . 5 % and a duration of 8 . 4 8 9

A 9-year bond paying coupons annually has a yield of 8.5% and a duration of 8.489 years (Macaulay). Assume the market yield changes by 90 basis points. Required: What is the percentage change in the bonds price? Note: Assume modified duration and a positive increase in yield change. Do not round intermediate calculations. Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.

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