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Business, 17.12.2021 04:30 mistytownsend1952

A $1000 par value bond with 7% annual coupons maturing at par in 4 years sells at a price to yield 6% effective. If the interest rate decreases to 5.77%, Find the difference between the estimate of the new price using the first-order modified approximation and the estimate of the new price using the first-order Macaulay approximation.

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