An investor wants to find the duration of a(n)15-year, 7% semiannual pay, noncallable bond that's currently priced in the market at $527.58, to yield 15%. Using a 150 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 150 basis points (or 1.5% ) is $. (Round to the nearest cent.)