Jovan bought a bond with a face value of 15,000 and a coupon rate of 8.5%. the bond will mature in 15 years. how much interest will he receive semiannually

Answer
19,125

Explanation
The value of bond has an interest of 8.5% annually. Monthly it will be 8.5/2%=4.25%
The initial value of bond is 15,000.
The formula for calculating the interest is;
Interest=PRT
Where p is the money deposited, R is the interest rate and T is the period.
Since the interest semiannually for 15 years, the interest period is (15×2) = 30.

Interest=15,000×0.045×30
=19,125. 

Its equal to d=7.07in

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