Simpson purchased a 3-year bond with the face value of $20,000 in the primary market. The current risk-free interest rate was 0.25%, and a risk premium on that bond was 3%. A year later after collecting yearly coupon payment, Simpson decided to sell that bond in the secondary market. By that time, the economic situation had improved, and the risk-free interest rate had risen to 1%. What is Simpson's rate of return for the one-year period he held the bond? Please show all your steps/work to get full points (25 marks)