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A 10-year bond that pays interest annually is currently price d at $1,025. Annual interest rates are now projected to fall from 6.00% to 5.50%

A 10-year bond that pays interest annually is currently priced at$1,025. Annual interest rates are now projected to fall from 6.00% to 5.50% basis points. The bond's duration is six years. What is the predicted new bond price after the interest rate change?

A) $1,072.33

B) $995.99

C) $1,054.01

D) $977.44

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