A $8,500 bond had a coupon rate of 5.50% with interest paid semi-annually. Richard purchased this bond when there were 7 years left to maturity and when the market interest rate was 5.75% compounded semi-annually. He held the bond for 2 years, then sold it when the market interest rate was 5.25% 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 Richard's gain or loss on this investment? (click to select) amount was $ .