The YTM on a bond is the interest rate you earn on your investment if interest rates don$$t change. If you actually sell the bond before it matures, your realized return is known as the holding period yield $($HPY$)$Suppose that today you buy a bond with an annual coupon rate of $12$ percent for $$1,140.$ The bond has $19$ years to maturity. What rate of return do you expect to earn on your investment? Assume a par value of $$1,000.$

What is the HPY on your investment?