Calculating a bond's fair value..do we need to know how to do this for L1? interest, change, numbers, market

hardwork24

Hello,

I was just wondering if we will need to know how to calculate a bond's fair value based on changing interest rates. I know that if interest rates go up, fair value goes down and vice versa, but will we need to know how to crunch numbers?

ie. calculate bond fair value when market rates 7% .. then if it shifts to 9% calculate change in fair value.

thanks!