Aragon Supply has a seven$-$year, $6\mathrm{.}5$ percent, semiannual coupon bond outstanding with a $$1,000$ par value. The bond has a yield to maturity of $5\mathrm{.}5$ percent. Which one of the following statements is correct if the market yield suddenly increases to $7\mathrm{.}25$ percent?

Multiple Choice

The bond price will decrease by $9\mathrm{.}27$ percent.

The bond price will increase by $7\mathrm{.}04$ percent.

The bond price will decrease by $8\mathrm{.}64$ percent.

The bond price will increase by $7\mathrm{.}16$ percent.

The bond price will increase by $3\mathrm{.}86$ percent.