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INV CH10 #10,,Consider a 8.60 percent coupon bond with twelve years to maturity and a current price of $953.90. Suppose the yield on the bond suddenly increases by 2 percent., , ,1. Use duration to estimate the new price of the bond. (Round your answer to 2 decimal places. Omit the "$" sign in your response.),,Price $ ______,,,2. Calculate the new bond price. (Round your answer to 2 decimal places. Omit the "$" sign in your response.),,Price $_____,

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