Both Bond Bill and Bond Ted have 10.4 percent coupons, make semiannual payments, and are priced at par value. Bond Bill has 5 years to maturity, whereas Bond Ted has 22 years to maturity.

#1 If interest rates suddenly rise by 3 percent, what is the percentage change in the price of these bonds?

#2 If rates were to suddenly fall by 3 percent instead, what would be the percentage change in the price of these bonds?