Bond J has a coupon rate of 5.5 percent. Bond S has a coupon rate of 15.5 percent. Both bonds have eight years to maturity, make semiannual payments, and have a YTM of 12 percent.

Requirement 1:

If interest rates suddenly rise by 3 percent, what is the percentage change in the price of these bonds? (Do not round intermediate calculations. Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places (e.g., 32.16).)

	Percentage change in price
Bond J	%
Bond S	%

Requirement 2:

If interest rates suddenly fall by 3 percent instead, what is the percentage change in the price of these bonds? (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)

	Percentage change in price
Bond J	%
Bond S	%