Using the Duration Rule, estimate the new price of a bond with the following characteristics: A 4-year semiannual 7% coupon bond is selling at $1,032.14 with a yield of 6.08%. It's modified duration is 3.46. If the yield jumps to 8.08%, what is the estimated new price? (Do not round Intermediate calculations. Round final answer to two decimal places i.e. 123.45. Input your answer as a positive value.) Numeric Response. Using the Duration Rule, estimate the new price of a bond with the following characteristics: A 4-year semiannual 7% coupon bond is selling at $1,032.14 with a yield of 6.08%. It's modified duration is 3.46. If the yield jumps to 8.08%, what is the estimated new price? (Do not round Intermediate calculations. Round final answer to two decimal places i.e. 123.45. Input your answer as a positive value.) Numeric Response.