Given this information if the market yield increases by, Financial Management

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Given this information if the market yield increases by

You have a 8 year bond with a par value of $1,000 that makes 7.15% annual coupon payments and the market discount rate is 6.70%. The bond has a Macaulay duration of 6.3856. Given this information, if the market yield increases by 20bp, what is the estimated percentage change in price of the bond? Please provide step by step instructions using a calculator, it is for a future exam.

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Financial Management: Given this information if the market yield increases by

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