MN inc bonds have a $1,000 face value, 5.5% coupon rate, semi-annual coupons, and seven years to maturity. By what percentage will this bound change in price if interest rates fall and cause the yield to maturity of the bonds to decline from 6.0% to 5.5%?

a) 2.79

b) 2.82

c) 2.87

d) 2.91

e) 2.96