A steel float of volume $1.0 \times 10^{-3}\ \text{m}^3$ is carried down to a depth where the extra pressure is $5.0 \times 10^{7}\ \text{Pa}$. By how much does its volume shrink? (Bulk modulus of steel $1.6 \times 10^{11}\ \text{Pa}$, its Young's modulus $2.0 \times 10^{11}\ \text{Pa}$.)