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23. You buy a bond with a $1,000 par today for a price of $1,055. The bond has 6 years to maturity and makes annual

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23. You buy a bond with a $1,000 par today for a price of $1,055. The bond has 6 years to maturity and makes annual coupon payments of $45 per year. You hold the bond to maturity but you do not reinvest any of your coupons. What was your effective rate of return over the holding period? A. 4.50% B. 3.47% C. 3.14% D. 2.76%

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