Both Bond Sam and Bond Dave have 7% coupons, make semiannual payments and are priced at par value. Bond Sam has three years to maturity, whereas Bond Dave has 20 years to maturity.(Negative answers should be indicated by a minus sign.Round the final answer to 2 decimal places.)

If interest rates suddenly rise by 2%, what is the percentage change in the price of Bond Sam and Bond Dave?

a)Percentage change in price of Bond Sam%

b)Percentage change in price of Bond Dave%

If rates were to suddenly fall by 2% instead, what would the percentage change in the price of Bond Sam and Bond Dave?

c)Percentage change in price of Bond Sam%

d)Percentage change in price of Bond Dave%