Suppose you are given the following bond quote information:
Time to maturity: 7 years
Coupon rate: 3.5%
Yield to maturity: 5%
Par Value: $1,000
Assume semi-annual compounding. Using the bond information, calculate the percentage change in price for the bond assuming the yield to maturity decreases by 100 basis points. (Enter percentages as decimals and round to 4 decimals)