Consider a 7.40 percent coupon bond with six years to maturity and a current price of $940.10. 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.)

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

This is the second time I am posting this question because it was answered incorrectly. I am down to my last questions I can submit for the month, so PLEASE only answer this question if you are 100% positive that you know the answer. I know its a tough question, but I really would like to understand so I do well on my exam in a couple of days. Thank you!