20. Using Duration (LO4, CFA3) A 6 percent coupon bond paying interest semiannually has a modified duration of 10 years, sells for $800, and is priced at a yield to maturity (YTM) of 8 percent. If the YTM increases to 9 percent, the predicted change in price, using the duration concept, is which of the following amounts?

a. $76.56

b. $76.92

c. $77.67

d. $80.00