You recently purchased bonds sold by Microsoft. The bonds were for a 20-year term, but at the time of purchase, there was 15 years remaining.

The value at the time of maturing is $100,000. The annual interest rate at the time of issuance of the bonds was 4%. What was the initial cost/value of the bonds?

At the time you purchased the bonds the market rate was 6%. How much were the bonds worth when you purchased?

Did the seller gain or lose money on their decision to sell?

**please show step by step with the answer**