An 8-year bond with 6% annual coupons and a 5.004% yield sells for $106.44 with a Macaulay duration of 6.631864. A 9-year bond has 7% annual coupons with a 5.252% yield and sells for $112.29 with a Macaulay duration of 7.098302. You wish to duration-hedge the 8-year bond using a 9-year bond. How many 9-year bonds must we short for every 8-year bond?
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