#$16.$ A $30-$year$-$maturity bond making annual coupon payments with a coupon rate of $12\%$ has duration of $11\mathrm{.}54$ years and convexity of $192\mathrm{.}4.$ The bond currently sells at a yield to maturity of $8\%.$

Use a financial calculator or spreadsheet to find the price of the bond if its yield to maturity falls to $7\%.$