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There is a bond with a coupon of 5.6 percent, ten years to maturity, and a current price of $1,057.50. What is the dollar value of an 01 for the bond? (Do not round intermediate calculations. Round your answer to 4 decimal places.) Explanation P=$1,046.00=$23(PVIFAR%,10)+$1,000(PVIFR%,10)R=1.79%YTM=2(1.79%)=3.59%Duration=(1.0179/.0359)[(1.0179+5(.046.0359))/(.0359+.046(1.0179101))] Duration =4.536 years Modified duration =4.536/1.0179=4.456 years Dollar value of an 01=4.4561,046.00.0001=.4661 For a $1,000 face value, this implies a change in selling price of $.4661. Per $100, this implies .04661