Suppose that today, you buy a 10 percent annual coupon bond for $1,000. The bond has 12 years to maturity. Three years from now, the yield-to-maturity has declined to 8 percent and you decide to sell. What is your annual return for the holding period? Please show equations and all work.

Someone gave this answer, however, this is simply the financial calculator in excel. I need to know how to figure out the answer using the financial formulas. What is the equation and how do you solve them?

Thanks!

7 nper pmt rate (10-3) 1000*10% 100 FV 0.08 1000 $1,104.13 PV (-pv(0.08,7,100,1000)) (-pv(rate, nper,,pmt, fv)) 3 nper pmt PV 1000*10% 100 FV 1000 $1,104.13 13.05% Rate RATE(3,100,-1000,1104.13) RATE(nper,pmt, pv,FV) Holding period return 13.05%