A newly issued bond pays its coupon once a year. It $$s coupon rate is $5\%,$ it $$s maturity is $20$ years, and YTM is $8\%.$

a$)$ Find the realized compound return yield for a $2-$year holding period assuming that, $1)$ you sell the bond after two years, $2)$ the bond yield is $7\%$ at the end of the second year, and $3)$ the coupon can be reinvested for one year at a $3\%$ interest rate.