Question: A $5,000 bond had a coupon rate of 5.50% with interest paid semi-annually. Cody purchased this bond when there were 8 years left to maturity

A $5,000 bond had a coupon rate of 5.50% with interest paid semi-annually. Cody purchased this bond when there were 8 years left to maturity and when the market interest rate was 5.75% compounded semi-annually. He held the bond for 3 years, then sold it when the market interest rate was 5.25% compounded semi-annually. WHAT WAS CODY GAIN OR LOSS ON THE INVESTMENT

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