(Bond valuation) You own a bond that pays $100 in annual interest, with a $1,000 par value. It matures in 15 years. Your required rate of return is 11 percent. How would the bond value change if your required rate of return decreases from 11 percent to 6 percent?

(Round to the nearest cent.)

Group of answer choices

The bond value will increase by $460.40.

The bond value will increase by $928.09.

The bond value will decrease by $460.40.

The bond value will stay the same.