2. Mr. Spice asks Mr. Myers to quantify the value changes from changes in interest rates. To...

Question:

2. Mr. Spice asks Mr. Myers to quantify the value changes from changes in interest rates. To illustrate, Mr. Myers computes the value change for the fixed-rate note. He assumes an increase in interest rates of 100 basis points. Which of the following is the best estimate of the change in value for the fixed-rate note?

a. −$7.17

b. −$3.59

c. $3.59

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