Consider three bonds with 9.28% coupon rates, all selling at face value. The short-term bond has a maturity of 4 years, the intermediate-term bond has maturity 8 years, and the long-term bond has maturity 30 years. a. What will be the price of each bond if their yields increase to 9.7\%? (Do not round intermediate calculations. Round your answers to 2 decimal places.) b. What will be the price of each bond if their yields decrease to 7.4% ? (Do not round intermediate calculations. Round your answers to 2 decimal places.) c. Which bond is most sensitive to changes in the interest rates? 4 Year 30 Year 8 Year They are all the same When interest rates rise then the price of the bond - Are long-term bonds more or less affected than short-term bonds by a rise in interest rate More affected Less affected Would you expect long-term bonds to be more or less affected by a fall in interest rates? More affected Less affected