Answer:
Total proceeds = 52000
Explanation:
given data
purchased = $60,000
rate = 12 % = 0.12
sold = $50,000
accrued interest = $2,400
solution
we get here Total proceeds that will be express as
Total proceeds = [ sold × accrued interest ] + [ sold × rate × 1 ] ................1
put here value in equation 1 and we will get
Total proceeds = [ 50000 × 1.03 ] + [ 50000 × [tex]\frac{.12}{12}[/tex] × 1 ]
Total proceeds = 51500 + 500
Total proceeds = 52000
