Suppose you bought a bond at a price of $$99012$ months ago. The

bond pays coupons annually, has an annual coupon rate of $3\%,$ a face

value of $$1,000$ and will mature in $48$ months. This morning, it just paid

the coupon. The current YTM is $5\%.$ Suppose the YTM will increase to

$6\%$ in $12$ months and then remains the same till expiration. What is the

arithmetic average annual return for the following two years?