In June 1868, an entrepreneur issued $1000 bonds (to pay for an access road in a city). The bonds carried a 6% annual interest rate payable semiannually. The entrepreneur paid the interest until June 1886, at which time the city assumed responsibility for the bonds (and the road they financed).
(a) The first of these bonds matured in June 2005. At that time, how much interest had the city paid on this bond?
(b) Another of these bonds will not mature until June 2154! At that time, how much interest will the city have paid on this bond?
(a) The city had paid $ on the bond that matured in June 2005.