Question: Three $25 000, 11% bonds with semi- annual coupons redeemable at par were bought eight years before maturity to yield 12% com- pounded semi-annually. Determine

Three $25 000, 11% bonds with semi- annual coupons redeemable at par were bought eight years before to yield 12% com- pounded semi-annually. Determine the gain or loss if the bonds are sold at 89.375 five years later.

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