A $7,000 bond had a coupon rate of 4.25% with interest paid semi-annually. Danielle purchased this bond when there were 8 years left to maturity and when the market interest rate was 4.50% compounded semi-annually. He held the bond for 3 years, then sold it when the market interest rate was 4.00% compounded semi-annually.

a. Calculate the purchase price of the bond.

b. Calculate the amount that Danielle received when he sold the bond.