Step 1: Calculate the current bond price.
N = 30
PMT = 60
FV = 1,000
I/Y = 7
CPT PV = 875.91

Step 2: Recalculate the price with a fall of one basis point.
N = 30
PMT = 60
FV = 1,000
I/Y = 6.99
CPT PV = 877.03

Step 3: Calculate the price value from one basis point change.
877.03 − 875.91 = $1.12

(Book 4, Module 58.1, LO 58.a)