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Bond J is a 3% coupon bond. Bond K is a 9% coupon bond. Both bonds have 15years to maturity, make semiannual payments and have

Bond J is a 3% coupon bond. Bond K is a 9% coupon bond. Both bonds have 15years to maturity, make semiannual payments and have a YTM of 6%. If interest rates suddenly rise by 2%, what is the percentage price change of these bonds? What if rates suddenly fall by 2%!instead? What does this problem tell you about the interest rate risk of lower coupon bonds?

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