A company has a fixed-rate coupon bond outstanding 10 years to maturity, a 3.250% coupon rate and a semi-annul coupons. Currently, the yield on this bond is 2.750%. The duration on this bond is 7 years.

Suppose that the yield on this bond goes up by 1% (from 2.750% to 3.750%). What is the change in the price of this bond?

A. Price will rise by 3.250%

B. Price will fall by 3.250%

C. Price will rise by 7%

D. Price will rise by 10%

E. Price will fall by 7%

F. Price will fall by 10%