Instructions: Answer the following. Be sure to completely show your work for all key steps. If you do not show your work, you will not receive any credit for this problem. For this quiz, I DO NEED a number at

the end.

Your rich uncle has given you a college graduation present. The gift is a 30-year bond with a maturity

value of 1 million dollars

1. Assuming an interest rate of 5% compounded monthly, what is the bond worth today? Round to two

decimal places.

2. What is the equivalent annual interest rate? Round to 4 decimal places.

asked by guest
on Apr 01, 2025 at 9:56 am



Mathbot Says...

I wasn't able to parse your question, but the HE.NET team is hard at work making me smarter.


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