Question 14.15 A bond pays annual coupons, and the next coupon will be paid in one year. The price, par value, and redemption value of the bond are all 100. The Macaulay duration of the bond is 6.88 years. The coupon rate of the bond is 7.4%. Calculate the first-order modified approximation of the price of the bond if the yield of the bond falls to 6.8%. A 103.84 B 103.94 C 104.13 D 104.94 E 105.13