# in march 1868,winston Churchill grandfather,L.W. jerome, issued a \$1000 bonds ( to pay for road to a race track he owned in what is now the bronx). the bonds carried a 7% annual interest rate payable semiannually. Mr. jerome paid the interest until March 1847, at which times new york city assumed responsible.a) the first of these bonds matured in march 2009. at that time , how much interest had new york city paid on this bond.b) another of these bonds will not be mature until March 2147! at that point how much interest will new york times have paid on it

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 5SE: What is an annuity?
Question

in march 1868,winston Churchill grandfather,L.W. jerome, issued a \$1000 bonds ( to pay for road to a race track he owned in what is now the bronx). the bonds carried a 7% annual interest rate payable semiannually. Mr. jerome paid the interest until March 1847, at which times new york city assumed responsible.
a) the first of these bonds matured in march 2009. at that time , how much interest had new york city paid on this bond.
b) another of these bonds will not be mature until March 2147! at that point how much interest will new york times have paid on it

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