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Problem 7-26 Bond Prices and Interest Rate Changes (LG7-5) A 7.40 percent coupon bond with 14 years left to maturity is priced to offer a

Problem 7-26 Bond Prices and Interest Rate Changes (LG7-5)

A 7.40 percent coupon bond with 14 years left to maturity is priced to offer a yield to maturity of 8.2 percent. You believe that in one year, the yield to maturity will be 7.7 percent. What is the change in price the bond will experience in dollars? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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