Consider three bonds with 8% coupon rates, all selling at face value. The short-term bond has a maturity of 4 years, the intermediate-term bond has maturity 8 years, and the long-term bond has maturity 30 years.
a. What will be the price of each bond if their yields increase to 9%? (Do not round intermediate calculations. Round your answers to 2 decimal places.)
b. What will be the price of each bond if their yields decrease to 7%?