Ask Question
11 July, 15:04

Last year a certain bond with a face value of $5,000 yielded 8 percent of its face value in interest. If that interest was approximately 6.5 percent of the bond's selling price, approximately what was the bond's selling price?

+1
Answers (1)
  1. 11 July, 16:22
    0
    bond's selling price is $6154

    Explanation:

    given data

    face value = $5,000

    interest = 8 % of face value

    rate = 6.5 %

    to find out

    bond's selling price

    solution

    we find interest that is

    interest = 8 % of face value

    interest = 8 % * 5000

    interest = 400

    so we consider bond selling price is x

    so

    bond selling equation will be

    interest = rate * bond selling price

    400 = 0.065 * x

    x = 6154

    so bond's selling price is $6154
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Last year a certain bond with a face value of $5,000 yielded 8 percent of its face value in interest. If that interest was approximately ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers