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(Fluctuations of market yield result in the interest rate risk faced by bondholders. A semiannual-coupon bond has a coupon rate of 7.4%, with a par

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(Fluctuations of market yield result in the interest rate risk faced by bondholders. A semiannual-coupon bond has a coupon rate of 7.4%, with a par value of RM 1000. The bond has remaining 9 years to maturity and a yield to maturity of 6.85%. Estimate the likely percentage change in this bond price if the market yield suddenly increases to 7.55%?)

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