1. Bond X and Bond Y have 12 percent coupons, make semiannual payments, and are priced at par value. Bond X has 3 years to maturity, whereas Bond Y has 20 years to maturity. Both bonds have a par value of 1,000 and pay coupons semi-annually. (a) What is the price of each bond? (b) If interest rates (YTM) rise by 3%, find the new price of bonds X and Y. Which one changes more? (c) If interest rates (YTM) drop by 3%, find the new price of bonds X and Y. Which one changes more? (d) Bond D is your bond. Make up a price, a YTM, and a maturity for it (assume coupons are paid semi-annually). Calculate the coupon rate and show me your response