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0. A bond with a par value of $1,000 matures in 12 years with a coupon of 12% paid semiannually; it is priced to yield 13% and has a modified duration of 8.50. If the yield of the bond declines by 0.5%, the approximate percentage price change for the bond is closest to:
-4.25%.
4.25%.
8.50%.
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