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Bond J is a 3 percent coupon bond. Bond K is a 9 percent coupon bond. Both bonds have fifteen years to maturity, make semiannual

Bond J is a 3 percent coupon bond. Bond K is a 9 percent coupon bond. Both bonds have fifteen years to maturity, make semiannual payments and have a YTM of 6 percent. What is the price of Bond J and Bond K at YTM 6%? What is the price of Bond J and Bond K at YTM 9%? What is the price of Bond J and Bond K at YTM 4%? What does this problem tell you about the interest rate risk of lower coupon bonds?

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