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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...

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by AAPL » Wed Dec 02, 2020 5:29 am

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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

OA 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...

by Brent@GMATPrepNow » Wed Dec 02, 2020 9:21 am
AAPL wrote: ↑
Wed Dec 02, 2020 5:29 am
 GMAT Prep

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

OA E
Last year a certain bond with a face value of $5,000 yielded 8 percent of its face value in interest
8% of $5,000 = $400
So, interest = $400

If that interest was approximately 6.5 percent of the bond's selling price,approximately what was the bond's selling price?
Let x = the bond's selling price
So, $400 = 6.5% of x
In other words: $400 = 0.065x
Solve: x = 400/0.065 ≈ 6154

Answer: E

Cheers,
Brent
Brent Hanneson - Creator of GMATPrepNow.com
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