Bond B is a 12.5% coupon bond with 20 years to maturity. It takes semiannual payments. and has a YTM of 14%. if the interest rate suddenly falls by 3%. what is the percentage price change of the bond?

a) 22.50%

b) 24.48%

c) 60.59%

d) -19.67%

e) -18.37%