A newly issued bond pays its coupons once a year. Its coupon rate is 6%, Its maturity is 20 years and its yield to maturity (YTM) is 7% Find the holding holding period return (HPR) for a one-year investment period if the bond is a selling at a YTM of 6.5% at the end of the year

7.00%

11.85%

5.85%

9.20%

12.56%