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On September 6, Irene Westing purchased one bond of Mick Corporation at 92.00%. The bond pays 5.5% interest on June 1 and December 1. The
On September 6, Irene Westing purchased one bond of Mick Corporation at 92.00%. The bond pays 5.5% interest on June 1 and December 1. The stockbroker told Irene that she would have to pay the accrued interest and the market price of the bond and a $6 brokerage fee. What was the total purchase price for Irene? Assume a 360-day year (each month is 30 days) in calculating the accrued interest. (Hint: Final cost = Cost of bond + Accrued interest + Brokerage fee. Calculate time for accrued interest.) Note: Round your answer to the nearest cent. On September 6, Irene Westing purchased one bond of Mick Corporation at 92.00%. The bond pays 5.5% interest on June 1 and December 1. The stockbroker told Irene that she would have to pay the accrued interest and the market price of the bond and a $6 brokerage fee. What was the total purchase price for Irene? Assume a 360-day year (each month is 30 days) in calculating the accrued interest. (Hint: Final cost = Cost of bond + Accrued interest + Brokerage fee. Calculate time for accrued interest.) Note: Round your answer to the nearest cent
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