a$)$ A bond portfolio manager is contemplating the purchase of a corporate bond with the following characteristics

$$ A coupon rate of $11\%$

$4$ years remain until maturity

$$ The current price of the bond is $$98\mathrm{.}4321$ with a yield to maturity of $11\mathrm{.}50\%$

$$ The treasury yield curve is flat at $8\mathrm{.}0\%$

$$ The credit spread for the issuer is $350$ basis points at all maturities

What is the total effective return on this investment, assuming a $1-$year investment horizon, a coupon reinvestment rate of $6\%,$ no change in treasury yield curve at the horizon date and a $250$ basis point decline in the credit spread for all maturities at the horizon date?