Assume that you pay $716.73 for a long-term bond that carries a coupon of 10.3%. Over the course of the next 12 months, interest rates drop sharply. As a result, you sell the bond at a price of $844.62. 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 4 for the HPR formula.) a. The current yield that existed on this bond at the beginning of the year is %. (Round to two decimal places.)