Your investment account pays 8.2%, compounded annually. If you
invest $5,000 today, how many years will it take for your
investment to grow to $9,140.20?
Select the correct answer.
a. 9.15
b. 12.15
c. 7.65
d. 6.15
e. 10.65
One year ago Lerner and Luckmann Co. issued 15-year,
noncallable, 8% annual coupon bonds at their par value of $1,000.
Today, the market interest rate on these bonds is 5.5%. What is the
current price of the bonds, given that they...