Series 7  General Securities Representative Exam
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BND Corporate bonds are currently quoted at 102 7/8. Your client wants to buy 5 of these bonds. How much money will your client pay?
$5,143.75
A
$5,144
B
$1,028.78
C
$5,103.90
D
Explanations
First convert the fraction to a decimal. You will get 0.875. So the bond is trading at 102.875 % of par value. Par value is $1,000 for these bonds. Each bond is $1028.75. 1,028.75 x 5 = $5,143.75
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