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deff fn [24]
3 years ago
8

For the given bond, whose interest rate is provided, find the semiannual interest payment and the

Mathematics
1 answer:
Vika [28.1K]3 years ago
6 0

Answer:

The semiannual interest payment is $485.5

The total interest earned over the life of the bond is $10,681

Step-by-step explanation:

The formula of the simple interest is I = Prt, where

  • P is the money invested
  • r is the interest rate in decimal
  • t is the time in years

∵ The bond is $20,000

∴ P = 20,000

∵ First Income Fund 11-year bond at 4.855%

∴ t = 11

∴ r = 4.855%

- Change it to decimal by divide it by 100

∴ r = 4.855 ÷ 100 = 0.04855

∵ The semiannual interest payment = P × r × half a year

∴ The semiannual interest payment = 20,000 × 0.04855 × \frac{1}{2} (1)

∴ The semiannual interest payment = 485.5

The semiannual interest payment is $485.5

∵ I = Prt

- Substitute the values of P, r and t in the formula

∴ I = 20,000(0.04855)(11)

∴ I = 10,681

The total interest earned over the life of the bond is $10,681

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