A $6,000 bond had a coupon rate of 5.75% with interest paid semi-annually. Biancapurchased this bond when there were 7 years left to maturity and when the marketinterest rate was 6.00% compounded semi-annually. He held the bond for 3 years,then sold it when the market interest rate was 5.50% compounded semi-annually.Hia. What was the purchase price of the bond?Round to the nearest cent.hpSUBMIT QUESTIONSAVE PROGRESS b. What was the selling price of the bond?Round to the nearest cent.c. What was Bianca's gain or loss on this investment?(click to select)(click to select)GainLOSSImamount was $SUBMIT QUESTIONSAVE PROGRESS

Price of bond is the present value of coupon payment and present value of par value of bond taken on…

A $6,000 bond had a coupon rate of 5.75% with interest paid semi-annually. Bianc purchased this bond when there were 7 years left to maturity and when the marke interest rate was 6.00% compounded semi-annually. He held the bond for 3 years, then sold it when the market interest rate was 5.50% compounded semi-annually. a. What was the purchase price of the bond? Round to the nearest cent.