3. At the beginning of the year, Brandon purchased a 3- year bond that pays an annual coupon of $100 and a principal of $1000 after three years. The yield to maturity was 4%. a. At the end of the first year (after the payment of the coupon) the price was $1100. Calculate the investor's holding period return. b. Calculate the holding period return if the investor sold the bond right before the coupon payments. Note, the bond price is still $1100 at the end of the first year