An investor wants to find the duration of a(n) 30-year, 7% semiannual pay, noncallable bond that's currently priced in the market at $549.01, to yield 13%. Using a 200 basis point change in yield, find the effective duration of this bond (Hint: use Equation 11.11). Question content area bottom

Part 1

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