A Corporate Bond with a 5% Coupon Has 10 Years

A corporate bond with a 5% coupon has 10 years left to maturity. It has had a credit rating of BBB and a yield to maturity of 8.0%. The firm has recently gotten into some trouble and the rating agency is downgrading the bonds to BB. The new appropriate discount rate will be 9%. What will be the change in the bond's price in dollars? Assume interest payments are paid semi-annually and par value is $1,000.

A) -$43.61
B) -$51.07
C) -$62.43
D) -$56.31