An 8% coupon bond with a par value of $100 matures in two years and is selling at $98.24 to yield 9%. Exactly one year ago this bond sold at a price of $95.03 to yield 10%. The bond pays annual interest. The change in price attributable to the change in maturity is closest to ______.

Explanation: The price of the bond one year ago was $95.03 to yield 10%. If the yield stays at 10%, the price of the bond today is: 8/1.10 + 108/1.10² = 96.53. The change in price attributable to moving to maturity = $96.53 - $95.03 = $1.50.