You purchased a zero coupon bond last week for $585. The bond promised to pay $1,000 in eight years. Since your purchase, prevailing interest rates have increased by 90 basis points. If you assume no other changes have occurred that would affect your bond's price, which of the following statements in necessarily true? Please show work

A. The value of your investment has decreased to about $548.

B. The value of your investment has increased to about $649.

C. The value of your investment has decreased to about $476.

D. The value of your investment has stayed the same since this is a zero coupon bond.