Suppose that the coupon rate is 8%. Then the annual coupon is $80 and the semiannual coupon payment is $40. Because 30 days have passed since the last coupon payment, the accrued interest on the bond is $40 × (30/182) = $6.59. If the quoted price of the bond is

$990, then the invoice price will be $990 + $6.59 = $996.59. P-8599