An investor purchases a just-issued 30-year, 10.500% semiannual coupon bond at 108.235 percent of par value and sells it after 15 years. The bonds yield to maturity is 9.655% at time of sale, and falls to 9.100% immediately after the purchase but before the first coupon is received. 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 in % of PAR?

	A.	capital loss of 4.710 % of PAR
	B.	capital gain of 4.710 % of PAR
	C.	capital loss of 3.100 % of PAR
	D.	capital gain of 3.100 % of PAR