Bond X has a coupon rate of 9​%, and Bond Y pays a 4​% annual coupon. Assume that both bonds have a $1,000​-par-value.Both bonds have 19 years to maturity. The yield to maturity for both bonds is now 9​%.

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?