Consider a 4.6 percent coupon bond with five years to maturity and a current price of $1,046.10. Suppose the yield on the bond suddenly increases by 2 percent.

a.	Use duration to estimate the new price of the bond. (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Price

$

b.	Calculate the new bond price. (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Price

$