Exercise $3.$ Suppose that the market price of a bond, which pays coupon semiannually, is currently $900.$ Suppose that this pricing corresponds to the $($promised$)$ yield to maturity $($YTM$)$ of $10\%.$ The calculated Macaulay duration of this bond is $8.$ Estimate the approximate price change of this bond $($in $\%$ terms$)$ and find the approximate price $($in euros$)$ for this bond if the bonds $($promised$)$ YTM will decline by $75$ basis points $($i$.$e$.$ from current $10\%$ to $9\mathrm{.}25\%)$ as a result of general interest rate fall in the market.