Two year ago, Alpha Supply issued 15-year bonds at par. The bonds have a coupon rate of 6.5 percent, paid semiannually, and a face value of $1,000. Today, the market yield on these bonds is 5.6 percent. What is the percentage change in the bond price over the past year?

a.

-6.11 percent

b.

-5.87 percent

c.

8.23 percent

d.

8.65 percent

e.

The bond price did not change.