Last month Jim purchased $9,400 of U. S. Treasury bonds (their face value was $9,400). These bonds have a 26-year maturity period, and they pay 1.0% interest every three months (i. e., the APR is 44%, and Jim receives a check for $94 every three months). But interest rates for similar securities have since risen to a 99% APR because of interest rate increases by the Federal Reserve Board. In view of the interest-rate increase to 99%, what is the current value of Jim's bonds?
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Last month Jim purchased $9,400 of U. S. Treasury bonds (their face value was $9,400). These bonds h...
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