Consider two bonds, a 3-year bond paying an annual coupon of 6.70% and a 10-year bond also with an annual coupon of 6.70%. Both currently sell at face value of $1,000. Now suppose interest rates rise to 12% a. What is the new price of the 3-year bonds? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Bond price b. What is the new price of the 10-year bonds? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Bond price c. Which bonds are more sensitive to a change in interest rates? Long-term bonds O Short-term bonds