Question: A ten-year bond has a yield of 11% and a duration of 7.205 years. If the bond's yield increases by 75 basis points, what is

A ten-year bond has a yield of 11% and a duration of 7.205 years. If the bond's yield increases by 75 basis points, what is the percentage change in the bond's price as predicted by the duration formula? (Input the value as a positive value. Do not round intermediate calculations. Round your answer to 2 decimal places.)

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