Question 1 An asset in the market is priced at 12,500 with an annual effective yield rate of 3.5%. Jayce uses the first-order Macaulay approximation to estimate the price of the asset if the yield rate were to increase to 6%. The result is 8,015 On the other hand, Ashley uses the first-order modified approximation to estimate the price of the asset. The estimated price is X if the yield rate were to increase to 8%. Calculate X 2,026 B 2,380 2,619 D 4,427 6,878