An investor wants to find the duration of a(n) 20-year, 6% semiannual pay, noncallable bond that's currently priced in the market at $433.25, to yield 15%. Using a 200 basis point change in yield, find the effective duration of this bond (Hint: use Equation 11.11).

The new price of the bond if the market interest rate decreases by 200 basis points (or 2%) is $_____ . (Round to the nearest cent.)