An investor wants to find the duration of$$ a$($n$)10-$year, $7\%$ semiannual$$ pay, noncallable bond$$ that's currently priced in the market at $$$$760\mathrm{.}99,$ to yield $11\%.$ Using a $100$ basis point change in$$ yield, find the effective duration of this bond $($Hint$$: use Equation$11\mathrm{.}11).$

Question content area bottom

Part $1$

The new price of the bond if the market interest rate decreases by $100$ basis points$($or $1\%)$ is $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$

Part $2$

The new price of the bond if the market interest rate increases by $100$ basis points$($or $1\%)$ is $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$

Part $3$

The effective duration of the bond is

$$

enter your response here. $($Round to