Question

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

Answer 1

Bond Cost=Face Value×Percent
Bond cost=4,250×0.915=3,888.75

Answer 2

The answer is : $3,888.75

Explanation:

Given is :

Mark Shaughnessy purchased a $4,250 bond at 91.50 that pays 7% interest.

Cost of the bond =
`4250*0.915=3888.75`

So, the cost of the bond is $3888.75.