You purchase a 15 year bond that has an annual fixed coupon rate of 7%, a par value of $1,000 and the yield to maturity on such bonds is 6%. You hold the bond for a year and then sell it. Now assume the yield to maturity on the bond falls to 4.5% by the time you sell. So what is your holding period return?

a)23.21%

b)22.12%

c)14.44%

d)19.53%

e)20.82%