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You have just purchased an 4.65%, 15-year bond that was issued originally on August 31, 2015. It has a yield to maturity of 2.55% and

You have just purchased an 4.65%, 15-year bond that was issued originally on August 31, 2015. It has a yield to maturity of 2.55% and duration of 7.29 years. If the market yield changes by 25 basis points, how much change will there be in the bond's price?

a. 1.82%

b. 2.01%

c. 3.27%

d. 6.44%

e. None of these is correct.

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