Question: Please explain solution. Thanks! Problem 11-9 (Algo) Required: A seven-year bond paying coupons annually has a yield of 8% and a duration of 7.212 years.

Please explain solution. Thanks! Problem 11-9 (Algo) Required: A seven-year bond

Please explain solution. Thanks!

Problem 11-9 (Algo) Required: A seven-year bond paying coupons annually has a yield of 8% and a duration of 7.212 years. If the bond's yield changes by 40 basis points, what is the percentage change in the bond's price? (Input the value as a positive value. Do not round intermediate calculations. Round your answer to 2 decimal places.) The bond's price %

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