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P6-17 Bond value and changing required returns Bond X has a coupon rate of 8% and Bond Y pays a 4% annual coupon. Both bonds have 10 years to maturity. The yield to maturity for both bonds is now 8%. a. If the interest rate rises by 2%, by what percentage will the price of the two bonds change? b. If the interest rate drops by 2%, by what percentage will the price of the two bonds change? c. Which bond has more interest rate risk? Why? Der Manufacturing has