Laurel Inc. and Hardy Corp. both have 6 percent coupon bonds outstanding, with semiannual interest payments, and both are priced at par value. The Laurel Inc. bond has 3 years to maturity, whereas the Hardy Corp. bond has 20 years to maturity. (Do not round intermediate calculations. Round the final answers to 2 decimal places.)

If interest rates suddenly rise by 2 percent, what is the percentage change in the price of these bonds? (Negative answers should be indicated by a minus sign.)

Percentage change in price of Laurel	%
Percentage change in price of Hardy	%

If interest rates were to suddenly fall by 2 percent instead, what would the percentage change in the price of these bonds be then?

Percentage change in price of Laurel	%
Percentage change in price of Hardy	%