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3. A 10-year bond has a yield to maturity of 6.00%. The current price of the bond is $926.40 and the duration is 8.02 years.

3. A 10-year bond has a yield to maturity of 6.00%. The current price of the bond is $926.40 and the duration is 8.02 years. Use the duration rule to estimate the price of the bond if the yield to maturity decreases to 5.90%.

A) $919.39 B) $933.41 C) $933.83 D) $996.49

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