1. A quarterly coupon bond has a face value of $1,000 and a coupon rate of 4.1%. Time to maturity is 19 years and the current yield to maturity is 3.1%. How much is this bond worth? Round to the nearest cent.

2. You own a bond portfolio worth $44,000. You estimate that your portfolio has an average YTM of 6.1% and a Modified Duration of 12 years. If your portfolio's average YTM were to decrease by 4 basis points, how much would the value of your portfolio change? Round to the nearest cent. [Hint: Answer is positive if the portfolio value increases and negative if the value decreases]