1. Par value bond XYZ has a Macaulay Duration of 6 and par value of $100. Which one of the following statements regarding the bond is true?
   1. If the market yield increases by 1% the bonds price will decrease by $60
   2. If the market yield increases by 1% the bonds price will decrease by $50
   3. If the market yield increases by 1% the bonds price will increase by $50
   4. If the market yield increases by 1% the bonds price will increase by $60
   5. None of the above