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Phil owns a 7%, semiannual coupon bond that has a face value of $1,000 and matures in 16 years. The bond has a current yield

Phil owns a 7%, semiannual coupon bond that has a face value of $1,000 and matures in 16 years. The bond has a current yield to maturity of 7.1%. What will the percentage change in the price of his bond be if interest rates decrease by 50 basis points? Multiple Choice 4.33% 4.68% 4.91% 5.17% 5.26%

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