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Asked Mar 26, 2012, 05:51 AM — 1 Answer
Sandavol county issues AA-rated bonds at a net interest cost of 6.85%. If annual interest payments promised on these bonds amount $12.75 million, what was the principal amount of municipal bond?

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paraclete Posts: 1,879, Reputation: 585
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Mar 28, 2012, 10:20 PM
simple math; invert the interest formula ie; interest = principle x rate therefore principle = interest/rate
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