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Last year a certain bond with a face value of $5,000 yielded 8 percent of its face value in interest. If that interest was approximately 6.5 percent of the bond's selling price, approximately what was the bond's selling price?

Respuesta :

Answer:

bond's selling price is $6154

Explanation:

given data

face value = $5,000

interest = 8 % of face value

rate = 6.5 %

to find out

bond's selling price

solution

we find interest that is

interest = 8 % of face value

interest = 8 % × 5000

interest = 400

so we consider bond selling price is x

so

bond selling equation will be

interest = rate × bond selling price

400 = 0.065 × x

x = 6154

so bond's selling price is $6154

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