Consider a 10.60 percent coupon bond with six years to maturity and a current price of $976.90. Suppose the yield on the bond suddenly increases by 2 percent.

1.	Use duration to estimate the new price of the bond. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Price

$

2.	Calculate the new bond price. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Price

$