An Annual Payment Bond Has a 9% Required Return

An annual payment bond has a 9% required return. Interest rates are projected to fall 25 basis points. The bond's duration is 12 years. What is the predicted price change?

A) -2.75%
B) 33.33%
C) 1.95%
D) -1.95%
E) 2.75% -12 * (-0.0025/1.09)