The expected forward rates for the following years are as follow: 4 percent (1st year); 5 percent (2nd year); 6 percent (3rd year). Assume the Expectation Hypothesis of the TSIR holds (certainty) and the par value of zero-coupon bonds (zeros) is $1,000. Suppose your investment horizon is one year and the actual interest rate for year two is the same as the forward rate. If you invest in the two-year zeros, what would be your holding period return at the end of the year 1