The YTM on a bond is the interest rate you earn on your investment if you keep the bond until maturity.

If you actually sell the bond before it matures, you realized return is called holding period yield $($HPY$).$

Suppose today you buy a $5\mathrm{.}6\%$ annual coupon bond for $$930.$ The bond has $10$ years to maturity.

What rate of return do you expect to earn on the investment?

Two years from now, the YTD on your bond has declined by $1\%,$ and you decide to sell.

What price will you bond sell for?

What is the HPY on your investment?