Milner's Tools has a 9-year, 7% annual coupon bond outstanding with a $1,000 par value. Carter's Tools has a 10-year, 6% annual coupon bond with a $1,000 par value. Both bonds currently have a yield to maturity of 6.5%. What is the percentage (%) increase/decrease in value for each bond if the market yield increases to 6.75%? Show all your work. (10 marks).

Please do not use Excel for the explanation.

Thank you