For an amendment to be made, two-thirds of the members of each house of Congress must approve it, and three-fourths of the states must ratify it. Congress decides whether the ratification will be by state legislatures or by popularly elected conventions in the several states (though in only one instance, that of the Twenty-First Amendment, which repealed prohibition, was the convention system used). In many U.S. states, proposed amendments to a state constitution must be approved by the voters in a popular referendum.
For an amendment to be made, two-thirds of the members of each house of Congress must approve it, and three-fourths of the states must ratify it. Congress decides whether the ratification will be by state legislatures or by popularly elected conventions in the several states (though in only one instance, that of the Twenty-First Amendment, which repealed prohibition, was the convention system used). In many U.S. states, proposed amendments to a state constitution must be approved by the voters in a popular referendum.
If James has purchased a 10-year bond that pays a $50 coupon, and if interest rates go up, the bond price will rise, because the interest he is owed by the government will increase.
