q1

A $7,000 bond had a coupon rate of 4.50% with interest paid semi-annually. Cody purchased this bond when there were 7 years left to maturity and when the market interest rate was 4.75% compounded semi-annually. She held the bond for 3 years, then sold it when the market interest rate was 4.25% compounded semi-annually. a. What was the purchase price of the bond? Round to the nearest cent. b. What was the selling price of the bond