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2 a 3 Bond J has a coupon rate of 3 percent. Bond Khas a coupon rate of 9 percent. Both bonds have 19 years to maturity, make semiannual payments, and have a YTM of 6 percent. If interest rates suddenly rise by 2 percent, what is the percentage price change of these bonds? What if rates suddenly fall by 2 percent instead? All bond price answers should be dollar prices. 4 5 6 7 8 Bond J: Coupon rate Settlement date Maturity date Redemption (% of par) # of coupons per year 9 3% 1/1/2000 1/1/2019 100 2 10 11 12 13 14 Bond K: Coupon rate Settlement date Maturity date 15 9% 1/1/2000 1/1/2019 16 17 Redemption (% of par) # of coupons per year 100 2 18 19 20 $ 21 Par value for both bonds Current YTM New YTM New YTM 1,000 6.5% 8.5% 4.5% 22 23 24 25 26 Complete the following analysis. Do not hard code values in your calculations. Leave the "Basis" input blank in the function. All bond prices should be in dollars. You must use the built-in Excel function to answer the bond price questions. 27 28 Price at current YTM: Price of Bond Sam 29 30 31 Price of Bond Dave 32 33 Price if YTM increases: Price of Bond Sam 34 35 36 Price of Bond Dave 37 38 % change in Bond Sam 39 40 % change in Bond Dave 41 42 Price if YTM decreases: 42 Price if YTM decreases: Price of Bond Sam 43 44 45 Price of Bond Dave 46 47 % change in Bond Sam 48 49 % change in Bond Dave 50 51 52 53