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A 20 -year bond has an 7.0% coupon rate and face value of $1000. The yield to maturity is 10%. What is the percentage change

A 20 -year bond has an 7.0% coupon rate and face value of $1000. The yield to maturity is 10%. What is the percentage change in the price of this bond if interest rates rise by 2% ? Assume the bond makes semiannual coupon payments. Approximately 16% increase Approximately 16% decrease Approximately 38% increase Approximately 38% decrease Approximately 2% decrease

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