An investor wants to find the duration of a(n) 30-year, 6% semiannual pay, noncallable bond that's currently priced in the market at $438.43, to yield 14%. Using a 100 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 100 basis points (or 1%) is $ (Round to the nearest cent.)