Question: Four $5000 8.5% bonds with interest payable semi-annually, redeemable at par were bought 20 years before maturity to yield 7.5% compounded semi-annually. The bonds were

Four $5000 8.5% bonds with interest payable semi-annually, redeemable at par were bought 20 years before to yield 7.5% compounded semi-annually. The bonds were sold 3 years later at 103.625.
Find the gain or loss on the sale of the bonds without constructing a bond schedule.

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