Question: Calculate the price change for a 1-percent decrease in market yield for the following bond: par = $1,000; coupon rate = 7 percent, paid semi-annually;

Calculate the price change for a 1-percent decrease in market yield for the following bond: par = $1,000; coupon rate = 7 percent, paid semi-annually; market yield = 7 percent; term to maturity = 9 years. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 4 decimal places, e.g. 1,564.2556.)

Change in price

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