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Bond X is a 10-year bond with a 9 percent coupon paid annually. The duration of Bond X is 6.995. The bond sells for $1,000

Bond X is a 10-year bond with a 9 percent coupon paid annually. The duration of Bond X is 6.995. The bond sells for $1,000 when the interest rate on comparable debt is 9%. Using duration, compute the change in the price of Bond X is the interest rate rises to 9.2%.

What is the forecasted price of Bond X if the interest rate rises from 9% to 9.2%?

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