You own a bond that has a duration of $6$ years. Interest rates are currently $7\%,$ but you belleve the Fed is about to increase interest rates by $21$ basis points. Your predicted price change on this bond is

$($Select the closest answer.$)$

Multiple Choice

$24$:$25$

$+1\mathrm{.}18\%$

$+5\mathrm{.}61\%$

$-5\mathrm{.}61\%$

$-1\mathrm{.}18\%$