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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

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by M7MBA » Thu Oct 29, 2020 12:22 pm

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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?

A. \(\$4,063\)
B. \(\$5,325\)
C. \(\$5,351\)
D. \(\$6,000\)
E. \(\$6,154\)

Answer: E

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Re: Last year a certain bond with a face value of \(\$5,000\) yielded \(8\) percent of its face value in interest. If th

by Scott@TargetTestPrep » Thu Nov 05, 2020 3:44 pm
M7MBA wrote: ↑
Thu Oct 29, 2020 12:22 pm
 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?

A. \(\$4,063\)
B. \(\$5,325\)
C. \(\$5,351\)
D. \(\$6,000\)
E. \(\$6,154\)

Answer: E

Solution:

Eight percent of $5,000 is 5000 x 0.08 = $400, and $400 is 6.5 percent of 400/0.065 = $6,513.84, or approximately $6,514.

Answer: E

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