Given a 10-year, 10% coupon bond with semiannual payments, $1,000 face value, and currently trading at par, calculate the total return for an investor with a five-year horizon date, given the following interest rate scenarios:

a. Yields on such bonds stay at 10% on all maturities until the investor sells the bond at her horizon date.

b. Immediately after the investor buys the bond, yields on such bonds drop to 8% on all maturities and remain there until the investor sells the bond at her horizon date.

c. Immediately after the investor buys the bond, yields on such bonds increase to 12% on all maturities and remain there until the investor sells the bond at her horizon date.
Comment on the relation between total return and interest rates.