Both Bond A and Bond B have 8 percent coupons, make semiannual payments, and are priced at par value. Bond A has 3 years to maturity, whereas Bond B has 20 years to maturity.

If interest rates suddenly rise by 2 percent, what is the percentage change in the price of Bond A? Of Bond B?

If rates were to suddenly fall by 2 percent instead, what would the percentage change in the price of Bond A be then? Of Bond B?