A $9-$year bond paying coupons annually has a yield of $8\%$ and a duration of $7\mathrm{.}706$ years $($Macaulay$).$ Assume the market yield changes

by $55$ basis points.

Required:

What is the percentage change in the bond's price?

Note: Assume modified duration and a positive increase in yield change. Do not round intermediate calculations. Negative value

should be indicated by a minus sign. Round your answer to $2$ decimal places.

Answer is complete but not entirely correct.

The percentage change in the bond's price is

$4\mathrm{.}24$

$\%$