Alex purchased a bond today with a 20-year maturity and a yield to maturity (YTM) of 8%. The coupon rate is 5% and coupons are paid annually. The par value is $1,000. Alex is going to hold this bond for 2 years and sell the bond at the end of year 2. The bond's yield to maturity will change to 9% at the time when Alex sells the bond. Assume coupons can be reinvested in short term securities over the next 2 years at an annual rate of 12%. What is Alex's annual return on this bond investment?