he duration of a 10-year bond, with a coupon rate of 10% and a price of $1,000, is 6.76 years when the interest rate is 10% per annum. What happens to the price of the bond if the interest rate falls to 8.7% per annum? Based on the duration, the estimated new price will approximately be:

a. $1080

b. $920

c. $87

d. $1088

e. $912