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Marrrta [24]
3 years ago
8

Florida state saving bond can be converted to $1000 at maturity date of five year from purchase if the state bond are to be comp

etitive with the USA saving bonds which pay 1% interest compounded annually at what price will the state bonds sell
Business
1 answer:
melisa1 [442]3 years ago
3 0

Answer:

The price will the state bonds sell would be $951.46

Explanation:

In order to calculate the price will the state bonds sell we would have to make the following calculation:

price will the state bonds sell=price to be converted/(1+interest rate)∧n

According to given data we have the following:

price to be converted=can be converted to $1,000 at maturity date of five year from purchase

interest rate=1%

n=5

Therefore, price will the state bonds sell=$1,000/(1+1%)^5

price will the state bonds sell=$951.46

The price will the state bonds sell would be $951.46

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