You buy a 3-year annual-pay bond with 6% coupon rate, $100 face value, and 9% yield to maturity. One year later, the market interest rate is 7% and remains at that level. If you hold the bond to maturity, what is your annual holding period return?

a.) Less than 6%

b.) More than or equal to 6%, but less than 7%

c.) More than or equal to 7% but less than 9%

d.) More than or equal to 9%