If you buy and sell a bond before it matures, your realized return is known as the holding period return HPR. Suppose that today you buy a coupon bond with 9 percent annual interest for $1,000. The bond has 12 years to maturity. Three years from now, the yield to maturity has declined to 7 percent and you decide to sell. What is your annualized holding period return assuming the coupons were reinvested at 9 percent?

		a. 8.84 percent
		b. 9.49 percent
		c. 10.96 percent
		d. 13.01 percent
		e. 12.83 percent