A $1,000 bond, with interest at 8 ½% on January 1 and July 1, was sold on September 4 at 103 plus accrued interest. Compute the dollar amount of the sale the seller received. (Assume a 360-day year and a commission of $5 per bond.)

360-Day Year

An accounting convention that uses 360 days in a year for calculating interest on loans and other financial instruments.

Commission

A service charge assessed by a broker or agent for providing assistance in the execution of a transaction.