On September 6, Irene Westing purchased one bond of Mick Corporation at 95.25%. The bond pays 9% interest on June 1 and December 1. The stockbroker told Irene that she would have to pay the accrued interest and the market price of the bond and a $5 brokerage fee.
What was the total purchase price for Irene? Assume a 360-day year (each month is 30 days) in calculating the accrued interest. (Hint: Final cost = Cost of bond + Accrued interest + Brokerage fee. Calculate time for accrued interest.)
Note: Round your answer to the nearest cent.
