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Jane Callahan is quite pleased with herself; 1 year ago she purchased a $60,000 government bond paying 7.7% per year (with interest paid every 6
Jane Callahan is quite pleased with herself; 1 year ago she purchased a $60,000 government bond paying 7.7% per year (with interest paid every 6 months) and maturing in 10 years, and interest rates have come down since then. The current interest rate on 10-year government bonds is 6.5%. If she were to auction the bond at the current interest rate, how much would she get? (Round your answer to the nearest cent.)
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