3. The modified duration for a bond with a 15-year tenor is 11.1. A fixed income analyst expects the bonds yield to increase by 50 basis points (bp, or 0.50%). What is the expected percentage change in the bonds price? Will the actual price of the bond be higher or lower than the price estimated using duration after the yield increase? Why?If this bond has a convexity of 148, estimate the percentage change in the bonds value using both duration and convexity.