An analyst evaluates three option-free bonds with the following characteristics:

• Bond 1: Coupon rate 5%, Maturity 15 years
• Bond 2: Coupon rate 3%, Maturity 10 years
• Bond 3: Coupon rate 3%, Maturity 15 years If the market discount rate decreases by 50 basis points, which bond is most likely to exhibit the greatest percentage price change?