Question: Will thumbs up for correct answer! Please help fast! Use Macaulyts Duration Price Approximation formula for this. Before a change in interest rates, your bond

Will thumbs up for correct answer! Please help fast!

Use Macaulyts Duration Price Approximation formula for this. Before a change in interest rates, your bond has the following characteristics: present value of $5,557.56, Duration of 3.69 years with market interest rates of 5%. Calculate the percentage change in the bond's price if market rates fall to 4.85%. Be sure to include the negative sign IF you think the price goes down.

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