Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question Consider a bond with a coupon of 74 percent, six years to maturity, and a current price of $1.029.90. Suppose the yield on the bond suddenly increases by 2 percent 25 a. Use duration to estimate the new price of the bond (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Price $ 1.020.00 b. Calculate the new bond once using the usual bonding formula Do not round intermediate calculation Round your answer to 2 decimal places.) Answer is complete but not entirely correct 1102040