An investor purchases a just issued 30-year 10.500 semi-annual coupon bond at 107.956 percent of par value and sells it after 15 years. The bonds yield to maturity is 9.214% at the time of the sale and falls to 8.800% immediatley after the purchase but before the first coupon is recieved. All coupons are reinvested to maturity at the new yield to maturity. Does the Investor realize a capital gain or loss on the sale, and by what amount (expressed as % of par)

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11. (6-pts) -An-investor-purchases a-just-issued-30-year, 10.500%-semi-annual-coupon-bond-at- Page 6 of 89 I 9/18/20229