A bond with a 8-year duration is worth $1,074, and its yield to maturity is 7. If the yield to maturity falls to 7.

A bond with a 8-year duration is worth $1,074, and its yield to maturity is 7.4%. If the yield to maturity falls to 7.30%, you would predict that the new value of the bond will be approximately _________.

$1,082.06

$1,074.00

$1,072.93

$1,075.07