Question

Asked Apr 9, 2019

The face value of a certain bond is $3,500. It has a term of 30 months with a simple interest rate of 6.11%. Find the value at maturity. Round to nearest dollar.

Step 1

*Given:*

The pricipal amount is $3,500.

The rate oF intrest is 6.11%

The duration (time) = 30 months.

Step 2

*Calculation:*

The maturity value is computed as principal × (1 + rate of intrest)^time.

Convert the time of 30 months into years as 30/12 = 2.5.

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