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A 15-year, 8% coupon bond pays interest annually. The bond has a face value of $1,000. What is the change in the price of this

A 15-year, 8% coupon bond pays interest annually. The bond has a face value of $1,000. What is the change in the price of this bond if the market interest rate decreases to 4.5% from the current rate of 5.5%?

Group of answer choices

6.68% increase

7.68% increase

9.10% decrease

7.68% decrease

9.88% increas

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