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In March 1868, an entrepreneur issued $1000 bonds (to pay for an access road in a city). The bonds carried a 9% annual interest
In March 1868, an entrepreneur issued $1000 bonds (to pay for an access road in a city). The bonds carried a 9% annual interest rate payable semiannually. The entrepreneur paid the interest until March 1882, at which time the city assumed responsibility for the bonds (and the road they financed). (a) The first of these bonds matured in March 2005. At that time, how much interest had the city paid on this bond? (b) Another of these bonds will not mature until March 2146! At that time, how much interest will the city have paid on this bond? (a) The city had paid $ on the bond that matured in March 2005.
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