Refer to Table 10-1, which is based on bonds paying 10 percent interest for 20 years. Assume interest rates in the market (yield to maturity) decline from 12 percent to 8 percent. Table 10-1 Bond price table (10% Interest Payment, 20 Years to Maturity) Yield to Maturity PV of Coupons PV of Principal Bond Price 2% $1,635.14 $672.97 $2,308.11 4% 1,359.03 456.39 1,815.42 6% 311.80 1,458.80 1,146.99 1,059.40 + + + + + + 7% 258.42 8% 981.81 214.55 1,317.82 1,196.36 1,091.29 9% 912.85 178.43 10% 851.36 148.64 1,000.00 11% II LLLLL LLLLLLLL 796.33 124.03 920.37 12% 746.94 103.67 850.61 13% 702.48 86.78 789.26 + + + + + + + + 14% 662.31 72.76 735.07 16% 592.88 51.39 644.27 20% 486.96 26.08 513.04 25% 395.39 11.53 406.92 a. What is the bond price at 12 percent? Bond price b. What is the bond price at 8 percent? Bond price c. What would be your percentage return on investment if you bought when rates were 12 percent and sold when rates were 8 percent? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Return on investment