Question $10$

$($a$)$ What is the total return for a $30$ year zero coupon bond purchased at a yield to maturity of $4\mathrm{.}24\%$ if

the bond is held to maturity? Why?

$($b$)$ For a long$-$term high yield corporate bond held to maturity, is the total return closer to the yield to

maturity or the reinvestment rate? Why?