Consider a 780 percent coupon bond with eight years to, Financial Management

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Consider a 780 percent coupon bond with eight years to

Consider a 7.80 percent coupon bond with eight years to maturity and a current price of $944.70. Suppose the yield on the bond suddenly increases by 2 percent.

1. Use duration to estimate the new price of the bond. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Price $

2. Calculate the new bond price. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Price $

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