A $1000 bond with a coupon rate of 5.4% paid semiannually has five years to maturity and a yield to maturity of 7.5%. If interest rates rise and the yield to maturity increases to 7.8%, what will happen to the price of the bond?
a) fall by $9.82
b) fall by $11.59
c) rise by $12.16
d) The price of the bond will not change.