Case the bond interest rate will not be nice integral value

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Reference no: EM13840210

You purchased a bond for 9500 dollars. The bond matured in 4 years and you sold it for 111,000 dollars. The par value (face value) of the bond was 10000 dollars. Interest payments were made every 6 months. The personal rate of return you received (sometimes called return on investment or personal interest rate) was 6% per year compounded semi annually. What was the bond interest rate? (in this case the bond interest rate will not be a nice integral value)

Reference no: EM13840210

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