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Bond Terms Par Value $10,000 Duration (yrs) 5 Coupon 4.50% Frequency Semiannual Current rates: 5.00% Bond features: Callable at Par MACd 4.527 Modified Duration

Bond Terms Par Value $10,000 Duration (yrs) 5 Coupon 4.50% Frequency Semiannual Current rates: 5.00% Bond features: Callable at Par MACd 4.527 Modified Duration 4.416 Using the bond data above, if interest rates decreased by 1%, how much will the value of the bond change (expressed as a percentage, rounded two decimals)?

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