Consider a 4.8 percent coupon bond with six years to maturity and a current price of $1,048.40. 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

$