A $6,500 bond had a coupon rate of 4.50% with interest paid semi-annually. Shelby purchased this bond when there were 8 years left to maturity and when the market interest rate was 4.75% compounded semi-annually. She held the bond for 2 years, then sold it when the market interest rate was 4.25% compounded semi-annually.

a. What was the purchase price of the bond?

Round to the nearest cent.

b. What was the selling price of the bond?

Round to the nearest cent.

c. What was Shelby's gain or loss on this investment?