Question: Required: An eight - year bond paying coupons annually has a yield of 9 % and a duration of 7 . 2 1 1 years.

Required:
An eight-year bond paying coupons annually has a yield of 9% and a duration of 7.211 years. If the bond's yield changes by 75 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.)

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