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You recently purchased a corporate bond at a YTM of 8% and paid a price of $112 for it. During your analysis you determined the

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You recently purchased a corporate bond at a YTM of 8% and paid a price of $112 for it. During your analysis you determined the bond has a duration of 2.84. Due to positive news about the issuing company, the YTM on the bond dropped to 7.5%. How will the change in YTM affect the price of the bond? decrease by $1.82 decrease by $1.31 increase by $1.23 increase by $1.47

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