Question: Calculate the price change for a 1-percent decrease in market yield for the following bond: par =$1,000; coupon rate =9 percent, paid semi-annually; market yield

Calculate the price change for a 1-percent decrease in market yield

Calculate the price change for a 1-percent decrease in market yield for the following bond: par =$1,000; coupon rate =9 percent, paid semi-annually; market yield = 9 percent; term to maturity = 12 years. (Round present value factor calculations and the final answer to 2 decimal places, e.g. 1,564.25. Insert positive number only.)

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