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A 15-year zero coupon bond has a face value of $1,000. The current 15 year spot rate is 8%. Using the bond's modified duration, what

A 15-year zero coupon bond has a face value of $1,000. The current 15 year spot rate is 8%. Using the bond's modified duration, what is the percentage change in the price of the bond if interest rates rise by 50 basis points?

Select one:

a. -6.94%

b. 6.94%

c. 4.69%

d. -4.69%

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