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A bond with a par value of $1,000 has a duration of 6.2. If the yield on the bond is expected to change form 8.80%

A bond with a par value of $1,000 has a duration of 6.2. If the yield on the bond is expected to change form 8.80% to 8.95%, the estimated new price for the bond following the expected change in yield is best described as being:

a) 0.93% lower than the bond's current price

b) 1.7% lower than the bond's current price

c)10.57% lower the bond's current price

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