A bond priced at $1000 has a modified duration of 6. Which one of the following statements regarding the bond is true?

If the market yield increases by 1%, the bond's price will increase by $60.

If the market yield increases by 1%, the bond's price will decrease by $60.

If the market yield increases by 1%, the bond's price will increase by $50.

If the market yield increases by 1%, the bond's price will decrease by $50.