What interest rate was paid on the construction bonds

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Reference no: EM131505665

Question: Rework Problem assuming the construction bonds had been retired as an annuity (i.e., equal uniform annual payments had been made to repay the $35 million)

Problem: The Golden Gate Bridge in San Francisco was financed with construction bonds sold for $35 million in 1931. These were 40-year bonds, and the $35 million principal plus almost $39 million in interest were repaid in total in 1971. If interest was repaid as a lump sum, what interest rate was paid on the construction bonds?

Reference no: EM131505665

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