P11.31 (similar to) An investor wants to find the duration of a(n) 30-year, 10% semiannual pay, noncallable bond that's currently priced in the market at $1,226.23, to yield 8%. Using a 100 basis point change in yield, find the effective duration of this bond (Hint: use Equation 11.11). The new price of the bond if the market interest rate decreases by 100 basis points (or 1%) is $ (Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer. 2 parts Clear All Check Answer remaining