1. Find the gain or loss on the sale of each of the following bonds without constructing a bond schedule.

   a) A $20 000, 11.5% bond redeemable at par with semi-annual coupons bought ten years before maturity to yield 12% compounded semi- annually is sold four years before maturity at 99.25.
2. b) A $5500, 9.5% bond with interest payable semi-annually redeemable at par was bought twenty years before maturity to yield 7.5% compounded semi-annually. The bond was sold three years later at 103.625.