The Corner Grocer has a 7-year, 6.5 percent semiannual coupon bond outstanding with a $1,000 par value. The bond has a yield to maturity of 5.5 percent. How much will the bond price decrease if the market yield suddenly increases to 7 percent?

Please double check my numbers..

The first bond Second bond

n 14 n 14

I/y 2.75 I/y 3.5

pv ? 1057.50 pv ? 972.70

pmt -32.50 pmt -32.50

fv -1000 fv -1000

Answer is: 84.76 ???