Question $11$

Six months ago, Wyatt purchased a bond for $$3,000.$ Initially, he calculated the bond would be

equivalent to a eight$-$month simple interest loan with an interest rate of $4\mathrm{.}8\%$ per year. However,

Wyatt's car unexpectedly broke down today. To pay for the car repair, he decided to sell the bond to

a friend for $$3,060.$

$($A$)$ What is the maturity value of the bond? Round your answer to the nearest dollar.

$($B$)$ From the friend's perspective, what is the equivalent simple interest rate per year? Round your

answer to the nearest tenth of a percent.

$($C$)$ By selling the bond for $$3,060,$ Wyatt's true interest rate was not necessary the same as he

initially calculated. What was his true equivalent simple interest rate per year?

Because this situation creates several bond durations and values, you can use this table to help

organize the different values: