Leann just sold a $10,000 par value bond for $9,800. The bond interest rate was 7% per year payable quarterly. Leann owned the bond for 3 years. The 1st interest payment she received was 3 months after she bought the bond.
She sold it immediately after receiving her 12th interest payment. Leann's yield on the bond was 11% per year compounded quarterly.
Determine the price she paid when she purchased the bond.