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Green Roofing Materials has 7.5% bonds outstanding that are currently quoted at a price of $1,087 each. The bonds pay interest on December 1 and
Green Roofing Materials has 7.5% bonds outstanding that are currently quoted at a price of $1,087 each. The bonds pay interest on December 1 and June 1. What is the cash price of this bond if today's date is May 1? There are 182 days from Dec. 1 to June1, 183 days from June 1 to Dec. 1, 151 days from Dec. 1 to May 1, and 31 days from May 1 to June 1.
A. $1,099.50
B. $1,105.75
C. $1,112.00
D. $1,118.11
E. $1,124.50
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