Bond Batman: Par value $3,000, coupon 8% quarterly, maturity 2 years, trades today for $3,146.93. Bond Robin: Par value $3,000, coupon 8% annual, maturity 20 years, trades today for $3,464.52

(Caution: The par value is not $1,000)

The market annual interest rate jumps by 2%. By what percentage will the bond price change? Compute the answer or both Batman and Robin. Show work.

The market annual interest rate drops by 2%. By what percentage will the bond price change? Compute the answer or both Batman and Robin. Show work.

Provide a commentary on the results observed, by comparing Batman and Robin.