Phil purchased an NCD a year ago in the secondary market for $980,000. The NCD matures today

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Phil purchased an NCD a year ago in the secondary market for $980,000. The NCD matures today at a price of $1,000,000, and Phil received $45,000 in interest. What is Phil's return on the NCD?

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Financial Markets and Institutions

ISBN: 978-1337099745

12th edition

Authors: Jeff Madura

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Question Posted: Oct 31, 2017 07:47 AM

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Phil purchased an NCD a year ago in the secondary market for $980,000. The NCD matures today

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Financial Markets and Institutions

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