At the beginning of the year, Stephanie Jo bought a \($40,000\) par value corporate bond with a 7 percent annual coupon rate and a 12-year maturity date. When she bought the bond, it had an expected yield to maturity of 9 percent. Today, the bond sells for \($40,650\) .

a. What did she pay for the bond?

b. If she sold the bond at the end of the year, what would her one-period return on the investment be?