Problem 5-17 Interest Rate Risk Laurel, Inc., and Hardy Corp. both have 10 percent coupon bonds outstanding, with semiannual interest payments, and both are currently priced at the par value of $1,000. The Laurel, Inc., bond has four years to maturity, whereas the Hardy Corp. bond has 17 years to maturity. If interest rates suddenly rise by 2 percent, what is the percentage change in the price of each bond? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Percentage change in price of Laurel, Inc., bond Percentage change in price of Hardy Corp. bond n price of Laurel, Inc., bond A If rates were to suddenly fall by 2 percent instead, what would be the percentage change in the price of each bond? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Percentage change in price of Laurel, Inc., bond Percentage change in price of Hardy Corp. bond