A semiannual coupon bond has a 2.25 percent yield to maturity and a price of $1,350. Interest rates are now projected to increase 50 basis points. The bond's duration is 15 years. What is the predicted new bond price after the interest rate change? Select one:

a. $1057.29

b. $985.28

c. $1,249.88

d. $1,164.51

e. $975.40