Consider an five-year, 14 percent annual coupon bond with a face value of $1,000. The bond is trading at a rate of 11 percent.

a. What is the price of the bond? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

b.	If the rate of interest increases 1 percent, what will be the bonds new price? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

c. Using your answers to parts (a) and (b), what is the percentage change in the bonds price as a result of the 1 percent increase in interest rates? (Negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

d. Repeat parts (b) and (c) assuming a 1 percent decrease in interest rates. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Bond's new price %age change