Both Bond Sam and Bond Dave have 9 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has 3 years to maturity, whereas Bond Dave has 11 years to maturity.

If interest rates suddenly rise by 4 percent, what is the percentage change in the price of Bond Sam? 9.92% -9.68% -9.66% -10.72%

If interest rates suddenly rise by 4 percent, what is the percentage change in the price of Bond Dave? -29.99% -23.07% 25.11% -23.05%

If rates were to suddenly fall by 4 percent instead, what would the percentage change in the price of Bond Sam be then? 11.02% 9.92% 11.00% -9.63%

If rates were to suddenly fall by 4 percent instead, what would the percentage change in the price of Bond Dave be then? 33.53% -23.02% 33.51% 25.11%