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Leann just sold ten $1,000 par value bonds for $9,800. The bond coupon rate was 6% per year payable quarterly. Leann owned the bonds for
Leann just sold ten $1,000 par value bonds for $9,800. The bond coupon rate was 6% per year payable quarterly. Leann owned the bonds for 3 years. The first coupon payment she received was 3 months after she bought the bonds. She sold the bonds immediatly after receiving her 12th coupon payment. Leann's yield on the bond was 12% per year compounded quarterly. Determine how much Leann paid when she purchased the bonds.
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