2.3 A 100 par value bond with 3 years to maturity and a 11 percent coupon has a yield to maturity of 10 percent. Interest is paid semi-annually. Assume no arbitrage. If the yield decreases by 200 basis points, what is the percentage price change for this bond using the duration rule? Explain why this estimate is likely to be an inaccurate measure of the actual change in the bond's value. What is the amount of the estimation error using only the duration rule for estimation? Support your answer with calculations and/or reasons behind. The maximum word count is 200 words (6%)