A 20-year bond priced to have an annual effective yield of 10% has a Macaulay duration of 11. Immediately after the bond is priced, the market yield rate increases by 0.25%. The bond's approximate percentage price change, using a first-order Macaulay approximation, is X.

Calculate X.

1. -2.22%

2. -2.47%

3. -2.50%

4. -2.62%

5. -2.75%