Six $1,000, 10% bonds redeemable at 105 with semi-annual coupons bought twelve years before maturity...
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Six $1,000, 10% bonds redeemable at 105 with semi-annual coupons bought twelve years before maturity to yield 9% compounded semi-annually are sold five years before maturity at 103.625.
Find the gain or loss on the sale of the bonds.
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