A bond portfolio manager gathered the following information about a bond issue:

Par value $10,000,000 Current market value $ 9,850,000 Duration 4.8 years If yields are expected to decline by 75 basis points, which of the following would provide the most appropriate estimate of the price change for the bond issue?

a. 3.6% of $9,850,000

b. 3.6% of $10,000,000

c. 4.8% of $9,850,000