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 would the bonds price change?

(Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Bond's price ___________(decreased/increased) by $ _____________