FourFour

$1 comma 0001,000,

5.65.6%

bonds with

annuallyannually

coupons redeemable at

parpar

on

January 11 comma 2022January 11, 2022,

were bought on

OctoberOctober

2727,

2005, to yield

9.69.6%

compounded

annuallyannually.

The bonds were sold on

December 28 comma 2014December 28, 2014,

at

100.7100.7.

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