Bartlett Salinas
09/27/2023 · Junior High School
Bonds from the city of Tavel Gorge worth \( \$ 1,000 \) each are selling at 110.611 . If Sean wishes to purchase three such bonds, how much can he expect to pay? a. \( \$ 3,000.00 \) b. \( \$ 3,331.83 \) c. \( \$ 3,318.33 \) d. \( \$ 331.83 \)
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Step-by-step Solution
To determine how much Sean can expect to pay for three bonds, we first need to calculate the price of one bond. The bonds are selling at 110.611, which means they are selling for 110.611% of their face value of \( \$ 1,000 \).
First, we calculate the price of one bond:
\[
\text{Price of one bond} = \frac{110.611}{100} \times 1,000 = 1,106.11
\]
Now, to find the total cost for three bonds, we multiply the price of one bond by three:
\[
\text{Total cost for three bonds} = 3 \times 1,106.11 = 3,318.33
\]
Thus, the amount Sean can expect to pay for three bonds is:
\[
\boxed{3,318.33}
\]
The correct answer is (c) \( \$ 3,318.33 \).
Quick Answer
Sean can expect to pay \( \$ 3,318.33 \) for three bonds. The correct answer is (c).
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