A $7,000, 5% bond redeemable at par with semi-annual coupons bought eleven years before maturity to yield
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Question:
A $7,000, 5% bond redeemable at par with semi-annual coupons bought eleven years before maturity to yield 9% compounded semi-annually is sold four years before maturity at 99.5.
Find the gain or loss on the sale of the bond.
The gain? or loss? is $____.
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