A $8,000 bond had a coupon rate of 5.75% with interest paid semi-annually. Nicole purchased this bond when there were 8 years left to maturity and when the market interest rate was 6.00% compounded semi-annually. She held the bond for 3 years, then sold it when the market interest rate was 5.50% compounded semi-annually.

a. What was the purchase price of the bond?

b. What was the selling price of the bond?

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