A portfolio manager is considering the effect of a 75 basis point change of interest rate on a bond with Par = 1000, Price = $985 and Duration =4.8. The most appropriate price change would be
a. 4.8% of 985
b. 4.8% of 1000
c. None of the alternatives
d. 3.6% of 1000
e. 3.6% of 985