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A bond with face value = 6,000 currently trades at par. Its Macaulay duration is 5.66 years and its convexity is 67.35. Suppose yield currently

A bond with face value = 6,000 currently trades at par. Its Macaulay duration is 5.66 years and its convexity is 67.35.

Suppose yield currently is 4.26%, and is expected to change to 2.45%. Calculate the approximate dollar change in price using both duration and convexity.

Assume annual compounding. Round your answer to 2 decimal places.

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