General Finance Question No: 128 James McCulloch purchased a 30-year U.S. Treasury bond four years ago and paid the face value of $3,000. The bond paid 3.225 percent annual interest. Four years later he sold the bond for $3,025. a. What is the annual interest amount for the bond? b. What is the total interest Mr. McCulloch earned during the four-year period?

General Finance Question No: 128 James McCulloch purchased a 30-year U.S. Treasury bond four years ago and paid the face value of $3,000. The bond paid 3.225 percent annual interest. Four years later he sold the bond for $3,025. a. What is the annual interest amount for the bond? b. What is the total interest Mr. McCulloch earned during the four-year period?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 8DQ: A Series EE U.S. government savings bond accrues 3.5% interest each year. The bond matures in three...

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