The Zinn Company plans to issue $20,000,000 of 10-year semiannual bonds in June 2012 to help finance a new research and development laboratory. It is now early September, and the current cost of debt to the high-risk biotech company is 12%. The coupon rate equals 12%. However, the firm's financial manager is concerned that interest rates will climb even higher in coming months.

US 10 Yr T-Notes Comp. - cbot
Contract	Month	Last	Chg	Open	High	Low	Volume	OpenInt	Exchange	Date	Time
10 Yr Note	Sep'11	131'04.5	-0'05.0	131'08.5	131'27.5	131'03.5	52142	74026	CBT	09/06/11	16:22:21
10 Yr Note	Dec'11	130'06.5	-0'05.0	130'11.5	130'31.0	130'06.0	1006722	1725046	CBT	09/06/11	16:22:29
10 Yr Note	Mar'12	129'11.5y					0	1	CBT	09/02/11	19:02:37
10 Yr Note	Jun'12	128'11.5y					0	0	CBT	09/02/11	19:02:37
10 Yr Note	Sep'12	127'11.5y					0	0	CBT	09/02/11	19:02:37

a. Assume that interest rates in general increase by 200 basis points. How much did the firm gain or lose? (Hint: The future contracts are on hypothetical 10-year, 6% semiannual coupon bonds.) Round your answer to two decimal places. $