Question: The Corner Grocer has a 14-year, 6.5 percent coupon bond outstanding with a $1,000 par value. The bond has a yield to maturity of 6

The Corner Grocer has a 14-year, 6.5 percent coupon bond outstanding with a $1,000 par value. The bond has a yield to maturity of 6 percent. How the bond price will change if the market yield suddenly decreases to 5.6 percent? Show the percentage price change in the bond price. (round your answer to 2 decimal places).

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