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I need help with this I am confused Both Bond Bill and Bond Ted have 10.8 percent coupons, make semiannual payments, and are priced at

I need help with this I am confused

Both Bond Bill and Bond Ted have 10.8 percent coupons, make semiannual payments, and are priced at par value. Bond Bill has 7 years to maturity, whereas Bond Ted has 24 years to maturity. Both bonds have a par value of 1,000.

If rates were to suddenly fall by 3 percent, what would be the percentage change in the price of these bonds?

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