Bond J has a coupon rate of 3 percent and Bond K has a coupon rate of 9 percent. Both bonds have 16 years to maturity, make semiannual payments, and have a YTM of 6 percent.

a. If interest rates suddenly rise by 2 percent, what is the percentage price change of these bonds?

b. What if rates suddenly fall by 2 percent instead?

a. Bond J- _____%

Bond K - ______%

b. Bond J- _____%

Bond K- ______%