The following table lists several corporate bonds issued during a particular quarter. Company AT&T Bank of America General Electric Goldman Sachs Verizon Wells Fargo Time to Maturity (years) 10 10 2 3

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.3: Geometric Sequences
Problem 80E
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The following table lists several corporate bonds issued during a particular quarter.
Company AT&T Bank of
America
General
Electric
Goldman
Sachs
Verizon Wells
Fargo
Time to
Maturity
(years)
10 10 2 3 8 7
Annual
Rate (%)
2.40 4.00 5.25 7.15 6.15 4.50
If the General Electric bonds you purchased had paid you a total of $8,840 at maturity, how much did you originally invest? (Round your answer to the nearest dollar.)
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