Bond Price Change Using Duration and Convexity

ABC Corp's bond has a face value of $1,000, pays semi-annual coupons of 5%, and has 8 years to maturity. If the bond's yield to maturity (YTM) increases from 4% to 6%, what will be the approximate percentage change in the price of the bond based on modified duration and convexity?

The modified duration of the bond is calculated to be 6.5 years, and the convexity is 55. The formula to estimate the price change due to interest rate movements is:

ΔP ≈ -D*(Δy) + 0.5*C*(Δy)^2

Where ΔP is the change in price, D is the modified duration, C is the convexity, and Δy is the change in yield (in decimal).

Using this information, calculate the approximate percentage change in the bond's price.