Assume that you pay $712.01 for a long-term bond that carries a coupon of 6.5%. Over the course of the next 12 months, interest rates drop sharply. As a result, you sell the bond at a price of $748.69. a. Find the current yield that existed on this bond at the beginning of the year. What was it by the end of the one-year holding period? b. Determine the holding period return on this investment. (Hint: See Chapter 5 for the HPR formula.)