Laurel, Inc., and Hardy Corp. both have $7$ percent coupon bonds outstanding, with semi$-$annual interest payments, and both are priced at par value. The Laurel, Inc., bond has $2$ years to maturity, whereas the Hardy Corp. bond has $20$ years to maturity. If interest rates suddenly rise by $2$ percent, what is the percentage change in the price of these bonds? If interest rates were to suddenly fall by $2$ percent instead, what would the percentage change in the price of these bonds be then? Illustrate your answers by graphing bond prices versus YTM$.$ What does this problem tell you about the interest rate risk of longer$-$term bonds?