8. ABC, Inc. issued at par value a 15-year 6% semi-annual coupon bond with a par value of $1,000. At the end of 2 years, the market interest rate increases to 7%. One year later, the market interest rate is 8%. If an investor purchases the bond at the end of year 2 and sold it 1 year later, how much is the gain or loss? (Hint: You will have to find bond prices.)