Suppose today you buy a $7\%$ semi$-$annual coupon bond for $$1,030.$ The bond has $15$ years to maturity. What rate of return do you expect on your investment?

Three years later, with a $1\%$ decline in the yield to maturity $($YTM$)$ on your bond, you decide to sell. What price will your bond sell for, and what is the holding period return $($HPY$)$ on your investment?

$[$Hint: If you sell the bond before its maturity, your realized return is the holding period yield$($HPY$)].$