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