Find the cost of $700 7/2% debenture stock at 84?
To find the cost of $700 7/2% debenture stock at 84, you can use the formula:
Cost = Face Value * Rate * Percentage / 100
In this case, the face value is $700, the rate is 7/2%, which is 7/2 / 100 = 0.035, and the percentage is 84.
Substituting these values into the formula:
Cost = $700 * 0.035 * 84 / 100
Cost = $700 * 0.0294
Cost = $20.58
Therefore, the cost of the $700 7/2% debenture stock at 84 is approximately $20.58.