Suppose that you have a bond position worth $100 million. Your position has a modified duration of 8 years and a convexity of 150. By how much does the value of the position change if interest rates increase by 25 basis points? Use the duration-convexity rule.

		a. ($1,953,125)
		b. ($1,906,250)
		c. ($2,046,875)
		d. ($2,187,500)