Both Bond Sam and Bond Dave have $7$ percent coupons, make semiannual payments,

and are priced at par value. Bond Sam has $3$ years to maturity, whereas Bond Dave has

$12$ years to maturity.

If interest rates suddenly rise by $4$ percent, what is the percentage change in the price

of Bond Sam?

$-11\mathrm{.}10\%$

$-9\mathrm{.}97\%$

$10\mathrm{.}23\%$

$-9\mathrm{.}99\%$

If interest rates suddenly rise by $4$ percent, what is the percentage change in the price

of Bond Dave?

$-26\mathrm{.}28\%$

$28\mathrm{.}60\%$

$-26\mathrm{.}30\%$

$-35\mathrm{.}69\%$

If rates were to suddenly fall by $4$ percent instead, what would the percentage change

in the price of Bond Sam be then?

$10\mathrm{.}23\%$

$-9\mathrm{.}94\%$

$11\mathrm{.}37\%$

$11\mathrm{.}39\%$

If rates were to suddenly fall by $4$ percent instead, what would the percentage change

in the price of Bond Dave be then?

$28\mathrm{.}60\%$

$40\mathrm{.}06\%$

$-26\mathrm{.}25\%$

$40\mathrm{.}04\%$