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On January 1 , 2 0 2 0 , Kendall Co . purchased to hold to maturity, 1 0 0 0 , $ 1 ,

On January

1, 2020,

Kendall Co

.

purchased to hold to maturity,

1000,

1, 000, 9 %

bonds for a price to yield an effective interest rate of

10 % .

Interest is paid semiannually on December

31

and June

30

and the bonds mature on December

31, 2023 .

What price did Kendall Company pay for this bond?

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