Bond J has a coupon rate of 3 percent. Bond K has a coupon rate of 9 percent. Both bonds have 18 years to maturity, make semiannual payments, and a YTM of 6 percent. The par value is $1,000.

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

   Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.

2. If interest rates suddenly fall by 2 percent instead, what is the percentage change in the price of these bonds?

   Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.

a. Bond J		%
a. Bond K		%
b. Bond J		%
b. Bond K		%