What is the price impact of a 10-year corporate bond with a 5.75% coupon rate priced at par ($100) with an instantaneous 75bps widening in spread due to an issuers recent announcement that they were adding a significant amount of debt to finance an acquisition which resulted in their debt being downgraded from Aa3 to A2, a 2-notch downgrade? Assume the bond has a Macaulay duration of 7.88 years and its Convexity is 71.375.

a) -5.71%

b) 5.71%

c) -5.39% d) 5.39%