Consider a U.S. 30-year corporate bond with the following characteristics:
Settlement date: May 5, 2017
Maturity date: March 15, 2047
Coupon: 3.25%
Yield: 4.56%
Frequency: ?
Basis: actual / actual
b-If the yield decreases by 15 basis points, what is the exact percentage change in the price of the bond? Make sure to show your work.