Question $16($Mandatory$)(1$ point$)$

The duration of a bond is $7$ years. The bond's yield to maturity is $9\%.$ If interest rates increase by $1\%$ we expect the bond's price to change by:

$-6\mathrm{.}42\%$

$2\mathrm{.}42\%$

$4\mathrm{.}71\%$

$6\mathrm{.}78\%$