A $1,000 bond, with interest at 9 ¼% on January 1 and July 1, was purchased on September 10. Compute the dollar amount of accrued interest that will be paid to the seller. (Assume a 360-day year.)

Accrued Interest

Interest that has accumulated over a certain period but has not yet been paid or received.

Interest Rate

The percentage of a sum of money charged for its use, determining the cost of borrowing or the return on savings.