Question: PLEASE SHOW WORK IF POSSIBLE A bond has a Macaulay duration of 5.56 years. Estimate the percentage change in the bond price if the yield

PLEASE SHOW WORK IF POSSIBLE

PLEASE SHOW WORK IF POSSIBLE A bond has a Macaulay duration of

A bond has a Macaulay duration of 5.56 years. Estimate the percentage change in the bond price if the yield to maturity decreases from 7.7 to 6.8% using Macaulay Duration? (Express your solution to four decimals of accuracy.)

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