Phil Owns a 7 Percent,semiannual Coupon Bond That Has a Face

Phil owns a 7 percent,semiannual coupon bond that has a face value of $1,000 and matures in 16 years.The bond has a current yield to maturity of 7.1 percent.What will the percentage change in the price of his bond be if interest rates decrease by 50 basis points?

A) 4.33 percent
B) 4.68 percent
C) 4.91 percent
D) 5.17 percent
E) 5.26 percent