At the beginning of the year, you bought a $1,000 par value corporate bond with an annual coupon rate of 9 percent and a maturity date of 14 years. When you bought the bond, it had an expected yield to maturity of 15 percent. Today the bond sells for $ 750.

a. What did you pay for the bond?

b. If you sold the bond at the end of the year, what would be your one-period return on the investment? Assume that you did not receive any interest payment during the holding period.