[Solved] On February 1,2016,Lynda Brown,proud Mother of Newborn Daughter Goldie,purchased $600,000

Question 95
Essay

On February 1,2016,Lynda Brown,proud mother of newborn daughter Goldie,purchased $600,000 in zero-coupon bonds that mature on February 1,2036.The bonds pay no interest during the period of time they are outstanding.The interest rate for such borrowings is at 12%.
Required: Calculate the price Lynda paid for the bonds.

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