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$).($Round the final answers to $2$ decimal places.$)$

a$.$ Suppose that today you buy an $9\mathrm{.}7\%$ annual coupon bond for $$1,230.$ The bond has $19$ years to maturity. What rate of return do you expect to earn on your investment?

Expected rate of return $\%$

b$-1.$ Two years from now, the YTM on your bond has declined by $1\%,$ and you decide to sell. What price will your bond sell for? $($Omit $ sign in your response.$)$

Bond price $

b$-2.$ What is the HPY on your investment?

HPY $\%$