Consider a zero coupon bond with exactly 10 years remaining to maturity. Suppose that the 10-year spot interest rate increases by 2 basis points (0.02%). Which one of the following statements is the best description of how the bond price will change?

The bond price will increase (proportionately) by approximately 2 basis points.

The bond price will decrease (proportionately) by approximately 2 basis points.

The bond price will increase (proportionately) by approximately 20 basis points.

The bond price will decrease (proportionately) by approximately 20 basis points.