As we saw above, a 2‐percentage‐point drop in market yields from 10 percent to 8 percent increased the price of the 15‐year bond to $1,172.92, a 17.29 percent change, while the price of the 30‐year bond changed to $1,226.23, a 22.62 percent change. Therefore, although the time to maturity doubled, the percentage change in price was less than double.