If the yield decreases by 15 basis points what is the


Consider a U.S. 30-year corporate bond with the following characteristics:

Settlement date: May 5, 2017

Maturity date: March 15, 2047

Coupon: 3.25%

Yield: 4.56%

Frequency: ?

Basis: actual / actual

If the yield decreases by 15 basis points, what is the duration approximate percentage change in the price of the bond? Make sure to show your work. (Fruqency not given)

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Financial Management: If the yield decreases by 15 basis points what is the
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