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.
1 yard = 36 inches
2 yards = 72 inches
Solution: 2 yards is more
