A bond has a duration of 6.222 and the current yield-to-maturity is 5.39% if the current bond's price is $1,150.17 what is predicted to be the bond's new price if interest rates suddenly jump upwards by 0.57%? State your answer as a dollar amount with two decimal places

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Bond Valuation

Bond valuation are the notes issued by the corporation to raise long-term funds for the business. The corporations are required to pay the interest on such liabilities at a specified rate of interest (termed as coupon rate) at specified dates which may be on semi-annual or annual basis. These interest payments may be in the form of coupons.