Consider the following three bonds each of which pays annual coupon. + Par maturity, years coupon W 1000 10 5% M 1000 10 8% Z 1000 30 5% a) Calculate the value of each bond assuming yield to maturity of 8%. b) Assume interest rates declined by 1% and recalculate the value of each bond at 7%. c) Calculate the percent change in the value of each bond. d) Compare the bonds pairwise and describe why one is more/less sensitive to changes in interest rate than the other