Question
On January 1, 2020, Excellence Plastic Corporation purchases a 10-year $50,000 bond for $49,000. The bonds pay 6% interest semi-annually on January 1 and July
On January 1, 2020, Excellence Plastic Corporation purchases a 10-year $50,000 bond for $49,000. The bonds pay 6% interest semi-annually on January 1 and July 1. The effective rate of interest is 6.272%. On July 1, 2020, how much interest will Excellence collect?
$1,470
$1,500
$1,537
$1,568
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Precalculus
Authors: Michael Sullivan
9th edition
321716835, 321716833, 978-0321716835
