Consider a 9.60 percent coupon bond with nine years to maturity and a current price of $965.40. Suppose the yield on the bond suddenly increases by 2 percent.
Use duration to estimate the new price of the bond. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Calculate the new bond price. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)