A bond's face value is $1,000. Garrett looks it up in the Wall Street Journal and finds it quoted at 87. How much will Garrett have to pay to purchase this bond?

Name: A bond's face value is $1,000. Garrett looks it up in the Wall Street Journal and finds it quoted at 87. How much will Garrett have to pay to purchase this bond?
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When a bond is quoted at 87, it means it is priced at 87% of its face value. Therefore, Garrett would have to pay 87% of $1,000, which is $870.

A Bond's Face Value Is $1,000