Bond J has a coupon of 6.8 percent. Bond K has a coupon of 10.8 percent. Both bonds have 20 years to maturity and have a YTM of 7.1 percent.

a. If interest rates suddenly rise by 1.4 percent, what is the percentage price change of these bonds? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

b. If interest rates suddenly fall by 1.4 percent, what is the percentage price change of these bonds? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.