The market price is $282,500 for a 6% non-callable corporate bond with a par value of $275,000 and 10 years to mature. It pays coupon interest semi-annually. The required rate of return on similar bonds is presently 4%. How much accrued interest would have to be paid if you purchase the bond on Oct 12, 2018 if the bond matures on May 31, 2028?

Hint: Accrued interest = Par value coupon rate (time/365)