Bond J has a coupon rate of 4 percent. Bond K has a coupon rate of 14 percent. Both bonds have 17 years to maturity, a par value of $1,000, and a YTM of 8 percent, and both make semiannual payments.

a.If interest rates suddenly rise by 2 percent, what is the percentage change in the price of these bonds?(A negative answershould be indicated by a minus sign.Do not round intermediate calculations and enter your answers as a percent roundedto 2 decimal places,e.g., 32.16.)

b.If interest rates suddenly fall by 2 percent instead, what is the percentage change in the price of these bonds?(Do not round intermediate calculations and enter your answers as a percent roundedto 2 decimal places,e.g., 32.16.)