1. John purchased a treasury bond with exactly five years until maturity, which pays coupon annually. The bond has a par value of $1,000, a 5% annual coupon rate, and a current yield to maturity (YTM) of 6%. After exactly three years, John sold the bond to another investor, with the yield to maturity of 4%. What is the holding period return for this bond investment? You must provide detailed calculation to receive credits.