Kendrick Campbell purchased a $25,000 municipal bond at a quoted price of 93.456. The bond pays annual interest at a rate of 3.7%. What is the annual interest?

To calculate the annual interest for the municipal bond, we need to know the face value of the bond and the interest rate.

In this case:
- The face value of the municipal bond is $25,000.
- The interest rate is 3.7%.

To calculate the annual interest, you can follow these steps:

Step 1: Convert the quoted price to a decimal.
The quoted price is 93.456, so divide it by 100: 93.456 / 100 = 0.93456.

Step 2: Calculate the purchase price.
Multiply the face value of the bond by the quoted price:
Purchase price = $25,000 * 0.93456 = $23,364.

Step 3: Calculate the annual interest.
Multiply the purchase price by the interest rate:
Annual interest = $23,364 * 0.037 = $864.53.

Therefore, the annual interest for Kendrick Campbell's municipal bond is $864.53.