Question: Please Solve on page with complete Steps and please no excel work. G. Welch purchases a corporate bond with a par value of $1,000. The

Please Solve on page with complete Steps and please no excel work.

G. Welch purchases a corporate bond with a par value of $1,000. The bond has four years remaining until it matures, the market price is $1,054.45, and the yield-to-maturity is four percent. The bond pays an annual coupon of $55 with the next payment due in one year. Suppose G. W. holds this bond for one year and the YTM decreases during the first year from four percent to 3.5 percent, what is the total percentage return that year?

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