Bond J has a coupon of 8 percent. Bond K has a coupon of 12 percent. Both bonds have 12 years to maturity and have a YTM of 9.5 percent.

a. If interest rates suddenly rise by 1 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 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.)

% in Price Bond J Bond K % in Price Bond J Bond K