I have the MCQ answer but can you please provide workings / explained answer if possible?

Consider a security with a duration of 3.25 years. The current interest rate level is 10% pa. How does the price of the security change if interest rates decrease by 1% (round to two decimals)? a. The price of the security will increase by 2.95%. b. The price of the security will decrease by 2.5% c. The price of the security will decrease by 2.95%. d. The price of the security will not be influenced by the change in interest rates. e. The price of the security will increase by 2.5%