You own a 15-year bond and a 20-year bond, both of which are non-callable bond and pay a coupon of 8%. What is true about the change in the value of your bonds if the interest rate rises from 8% to 11%?

The value of the 20-yr bond will decrease by $23 more than the 15-yr bond

The value of the 20-yr bond will decrease by $11 more than the 15-yr bond

The value of the 20-yr bond will decrease by $45 more than the 15-yr bond

The value of the 20-yr bond will increase by $34 more than the 15-yr bond

The value of the 20-yr bond will increase by $11 more than the 15-yr bond