Determining the annual interest rate

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1. A tornado extensively damaged the community in which Bodine Company had its pri- mary manufacturing facilities. Bodine gives $1,000 to each household that suffered damage from the tornado to help residents while repairs are being made. Some (but not all) of the payments are made to Bodine employees.

2. Kermit receives a $1,000, 6% bond of General Foods, Inc., from his uncle Ed as a graduation present. The bond pays interest on June 30 and December 31. Kermit receives the bond on May 1.

3. Hersh inherits $50,000 from his grandfather. He receives the money on January 1 and immediately invests $25,000 in General Motors bonds that pay 8% annual interest and $25,000 in Lane County highway improvement bonds with a 6% annual interest rate.

Reference no: EM13991153

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