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Svetllana [295]
3 years ago
6

Leona purchased a $1,000 bond having a quoted price of 99.875. She had to pay a 5.5% brokerage fee (of the selling price). What

was the total cost of the bond (to the nearest whole cent)?
$943.82
$1,064.44
$534.77
$2,054.22
None of these choices are correct.
Mathematics
1 answer:
Ede4ka [16]3 years ago
3 0

Answer:

None of these choices are correct.

Step-by-step explanation:

The quoted value of 99.875, means that this bond is sold at 99.875%  of the face value and not at a price of  $99.875.

Therefore, calculate price;

Price = 0.99875 * 1000

Price = $998.75

Since brokerage fees is 5.5% of the selling price, Leona will pay additional cost to the quoted price making the total cost to be more than $998.75;

Brokerage fees = (0.055*998.75) = $54.93

Total cost = $998.75 +$54.93

= $1053.68

Therefore, none of the choices is correct.

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