Multiple Choice
Solve the problem.
-Joe Simpson bought 37 Woodward Corp. (WDW) bonds maturing 2010. According to a bond table, the last price is 87.250 and the coupon rate is 10.250. Assuming a sales commission of $1 per bond, find the effective interest rate using total cost including commissions.
A) 6.4%
B) 7.0%
C) 11.7%
D) 11.6%
Correct Answer:
Verified
Correct Answer:
Verified
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