What is the price of a 15-year, $1000 par value bond with a 7% coupon that pays interest seminannually if we assume that its yield to maturity is 8%? What would be the price of the bond if its YTM were 9%? Compute the percentage change in price: (new price - initial price) / initial price. Repeat the exercise for a 10-year, $1000 bond with a 7% coupon paying interest semiannually using the same two yields. What do you notice about the percentage change in price for the 10-year bond versus that for the 15-year bond?