Problem 10-24 Using Duration (LO4, CFA6) Consider a bond with a coupon of 7.6 percent, seven years to maturity, and a current price of $1,032.20. Suppose the yield on the bond suddenly increases by 2 percent. a. Use duration to estimate the new price of the bond. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Price Price b. Calculate the new bond price using the usual bond pricing formula. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Price