A $20,000-face-value strip bond was purchased for $10,045.94, providing the investor with a rate of return of
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A $20,000-face-value strip bond was purchased for $10,045.94, providing the investor with a rate of return of 4.2% compounded semiannually. To the nearest day, how long before the maturity date was the bond purchased? Assume that each half-year is exactly 182 days long.
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Each compounding period is 6 months or a year The full periods represent 332 16 ...View the full answer
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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