i guessed so dont look at the answer

Bonds X and Y both pay $100 coupon per year and $1,000 when they mature in 10, and 20 years respectively. The required rate of return is 8% for both of them. The Federal Reserve just announced a rate cut of 1% across the board. What effect does the announcement have on the prices of bonds X and Y? o X has a higher percentage decrease in its price than Y; Y has a higher percentage decrease in its price than X; X has a higher percentage increase in its price than Y; Y has a higher percentage increase in its price than X; NO effect on prices since both X and Y are already on the market