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Bond J has a coupon of 7.4 percent. Bond K has a coupon of 11.4 percent. Both bonds have 12 years to maturity and have

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Bond J has a coupon of 7.4 percent. Bond K has a coupon of 11.4 percent. Both bonds have 12 years to maturity and have a YTM of 7.8 percent. a. If interest rates suddenly rise by 2 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 2 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.)

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