Bond J is a 3 percent coupon bond. Bond K is a 9 percent coupon bond. Both bonds have fifteen years to maturity, make semiannual payments and have a YTM of 6 percent. ( Try to do this problem using financial calculator)

(Do not round intermediate calculations. Negative answers should be indicated by a minus sign. Round the final answer to 2 decimal places.)

If interest rates suddenly rise by 2 percent, what is the percentage price change of these bonds?

Percentage change in price of Bond J

Percentage change in price of Bond K

What if rates suddenly fall by 2 percent instead?

Percentage change in price of Bond J

Percentage change in price of Bond K