Frank Meyers, CFA, is a fixed$-$income portfolio manager for a large pension fund. A member of the Investment Committee, Fred Spice, is very interested in learning about the management of fixed$-$income portfolios. Spice has approached Meyers with several questions. Specifically, Spice would like to know how fixed$-$income managers position portfolios to capitalize on their expectations of future interest rates.

Meyers decides to illustrate fixed$-$income trading strategies to Spice using a fixed$-$rate bond and note. Both bonds have semiannual coupon periods. Unless otherwise stated, all interest rate $($yield curve$)$ changes are parallel. The characteristics of these securities are shown in the following table. He also considers a nine$-$year floating$-$rate bond $($floater$)$ that pays a floating rate semiannually and is currently yielding $5\%.$

Characteristics of Fixed$-$Rate Bond and Fixed$-$Rate Note

Fixed$-$Rate Bond Fixed$-$Rate Note

Price $107\mathrm{.}18100\mathrm{.}00$

Yield to maturity $5\mathrm{.}00\%5\mathrm{.}00\%$

Time to maturity $($years$)188$

Modified duration $($years$)6\mathrm{.}98483\mathrm{.}5851$

Required:

Spice asks Meyers to quantify price changes from changes in interest rates. To illustrate, Meyers computes the value change for the fixed$-$rate note in the table. Specifically, he assumes an increase in the level of interest rate of $100$ basis points. What is the predicted change in the price of the fixed$-$rate note? $($Input the amount as a positive value. Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$