+ A$80,000 bond bearing interest at 8% payable annually is bought seven years before maturity to yield 8.7% compounded quarterly. If the bond is redeemable at par, what is the purchase price? The purchase price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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A$80,000 bond bearing interest at 8% payable annually is bought seven years before maturity to yield 8.7% compounded quarterly. If the bond is redeemable at par, what is the
purchase price?
The purchase price of the bond is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:+ A$80,000 bond bearing interest at 8% payable annually is bought seven years before maturity to yield 8.7% compounded quarterly. If the bond is redeemable at par, what is the purchase price? The purchase price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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