Mark Shaughnessy purchased a $4,250 bond at 91.50 that pays 7% interest. What was the cost of the bond?

Mathematics · High School · Sun Jan 24 2021

Answered on

Given : 

Bond purchased by Mark Shaughnessy = $4,250

At 91.50 that pays 7% interest.

So,

Cost of the bond = 4,250 × 91.50/100

= 3888.75

 

Hence, the cost of bond is $3888.75 

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