The next three questions are based on the below information:

You see a four-year bond trading in the market with the following characteristics: $10,000 face value, 8% coupon with 4 years to maturity. Assume market interest rates are 7.35% and that coupon payments are annual.

What is the bond's price?

What is the bond's duration in years?

Calculate the expected price change in % if interest rates fall to 6.15% using the duration approximation formula?