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$).$

a$.$

Suppose that today you buy a bond with an annual coupon of $9$ percent for $$1,040.$ The bond has $18$ years to maturity. What rate of return do you expect to earn on your investment? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$-1.$

Two years from now, the YTM on your bond has declined by $1$ percent and you decide to sell. What price will your bond sell for? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$-2.$ What is the HPY on your investment? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$