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Consider two bonds, a 3 - year bond paying an annual coupon of 5 . 1 0 % and a 1 0 - year bond

Consider two bonds, a 3-year bond paying an annual coupon of 5.10% and a 10-year bond also with an annual coupon of 5.10%. Both currently sell at a face value of $1,000. Now suppose interest rates rise to 9%.
a. What is the new price of the 3-year bonds?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
b. What is the new price of the 10-year bonds?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

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