A 4.9% coupon bearing bond that pays interest semi-annually has a yield to maturity of 6.4% per year. This bond has a duration of 19.6 years and a convexity of 117. If the market yield decreases 96 basis points, calculate an estimate of the percent price change due to both duration and convexity. (Answer to the nearest hundredth of a percent, i.e. 1.23 but do not use the % sign).

THE CORRECT ANSWER IS 18.77 0.01; HOW WAS THIS ANSWER OBTAINED? Please include all steps.