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.

Meyers decides to illustrate fixed$-$income trading strategies to Spice using a fixed$-$rate bond and note. Both the bond and note have semiannual coupon periods. Unless otherwise stated, all interest rate changes are parallel. The characteristics of these securities are shown in the following table. He also considers a $9-$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$)94$

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

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. Using the information in the table, what is the predicted change in the price of the fixed$-$rate note?