3-4

A $1,000 par value bond with Four years left to maturity pays an interest payment semiannually with a 4 percent coupon rate and is priced to have a 3.5 percent yield to maturity. If interest rates surprisingly increase by 0.5 percent, by how much will the bond's price change? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))