On September 6, Irene Westing purchased one bond of Mick Corporation at 97.00%. The bond pays 10.75% interest on June 1 and December 1. The stockbroker told Irene that she would have to pay the accrued interest and the market price of the bond and a $4 brokerage fee.

What was the total purchase price for Irene? Assume a 360-day year (each month is 30 days) in calculating the accrued interest.

Answer rating: 100% (QA)

Cost of bond 971000 970 Number of days accrued June July August S... View the full answer