Bond Prices and Interest Rate Changes
A 6.05 percent coupon bond with fifteen years left to maturity is priced to offer a 7.1 percent yield to maturity. You believe that in one year, the yield to maturity will be 7.0 percent. What is the change in price the bond will experience in dollars? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Change in bond price $