Consider the following coupon bond issued by XYZ$.$inc

Term: $3$ years

Payment: $100$

Face Value: $500$

Currently the prevailing risk free rate is $0\mathrm{.}03$ and the market places a risk premium on XYZ$.$inc bonds of $0\mathrm{.}08$

Suppose the risk free rate decreases by $0\mathrm{.}04$

Compute the change in the bond price.