Bond J is a 4 percent coupon bond. Bond K is a 9 percent coupon bond. Both bonds have 10 years to maturity, make semiannual payments, and have a YTM of 7 percent.

a) If interest rates suddenly rise by 4 percent, what is the percentage price change of Bond J?

b) If interest rates suddenly rise by 4 percent, what is the percentage price change of Bond K?

c) If interest rates suddenly fall by 4 percent, what is the percentage price change of Bond J?

d) If interest rates suddenly fall by 4 percent, what is the percentage price change of Bond K?