A money manager is holding a 15-year semiannual coupon bond with a coupon rate of 14% and current price of $1,000,000. The duration for this bond is 7.4 years when the interest rate is 6%. The interest rate is expected to increase from 6% to 7.2%. a. What is the modified duration of the bond? Number Round your answer to two decimal places b. What will be the approximate dollar change in the bond price? $ Number Round your answer to the dollar