A $1,000 face value bond currently has a yield to maturity of 6.69 percent. The bond matures in 3 years and pays interest annual
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Answer : The amount needed to spend to save $170 is, $32.3
Explanation :
As we are given that an online buying club requires an annual fee of $170 and a 19% discount on purchases.
Now we have to determine the amount needed to spend to save $170.
As, for every $100 the discount will be = $19
So, for every $170 the discount will be =
= $32.3
Thus, the amount needed to spend to save $170 is, $32.3