(adsbygoogle = window.adsbygoogle || []).push({}); 1. The problem statement, all variables and given/known data

A $500, 8% bond is purchased on Feb 1, 2004 to yield 10% compounded semiannually. The interest on the bond is payable on Feb 1 and Aug 1 each year. Find the purchase price if the bond is redeemable at face value on Feb 1, 2014.

2. Relevant equations

3. The attempt at a solution

The fact that there are two % figures given has thrown me off this problem completely. Can anyone help?

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# Homework Help: Business Math

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