A bond has a face value of $10,000 and matures on August 24 2030 with a bond rate of 3.1% compounded semi-annually. If the bond was purchased on February 24 2020 at a market rate of 3.7% compounded semi-annually, what was the purchase price of the bond? Draw a timeline in your notes to help you practice!
Select one:
a.
$9523.07
b.
$9502.28
c.
$9544.25
d.
$9716.08
e.
$9481.87