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Company X is going to issue a 15-year bond with a coupon rate of 2,00% (with 6 coupon payments per year) and a face value

Company X is going to issue a 15-year bond with a coupon rate of 2,00% (with 6 coupon payments per year) and a face value $1 000. Mango Inc. believes it can be rated A by Standard and Poor's. However, because of recent financial difficulties at the company, Standard and Poor's is warning that it may downgrade Mango Inc. Industries bonds to BBB. Yields on A-rated, long-term bonds are currently 3,10% (quoted as an annual percentage rate (APR)), and yields on BBB-rated bonds are 8,10% (quoted as APR). What is the % change in the price of the bond if it is downgraded? Final answer should be -45.62.

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