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
llm
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