On May 1, 2013, Bo Smith, proud father of newborn son Bobo, purchased $200,000 in zero-coupon bonds that mature on May 1, 2031. The bonds pay no interest during the period of time they are outstanding. The interest rate for such borrowings is at 9%. Interest compounds annually.
Required:
Calculate the price Bo paid for the bonds.

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The Answer of On May 1, 2013, Bo Smith, proud father of newborn son Bobo, purchased $200,000 in zero-coupon bonds that mature on May 1, 2031. The bonds pay no interest during the period of time they are outstanding. The interest rate for such borrowings is at 9%. Interest compounds annually.
Required:
Calculate the price Bo paid for the bonds.

On May 1, 2013, Bo Smith, Proud Father of Newborn