In Example $2\mathrm{.}8,$ we discussed the recent increase in world demand for copper, due in part to China's rising consumption.

Using the original elasticities of demand and supply $($i$.$e$.,E_S=1\mathrm{.}5$ and $E_D=-0\mathrm{.}5),$ calculate the effect of a $35-$percent increase in copper demand on the price of copper.

Recall that the demand equation is $Q=27-3P,$ the supply equation is $Q=-9+9P,$ the initial equilibrium price is $P^{**}=$$$3\mathrm{.}00($dollars per pound$),$ and the initial equilibrium quantity is $Q^{**}=18($million metric tons per year$).$

As a result of this change in demand, the price of copper will by $$.($Enter your response rounded to two decimal places.$)$