1. On a 2010 late-night talk show, a guest described having found a bond in the attic of his home in a small Missouri town. The bond had been issued in 1883 by the town, apparently to finance a municipal water system. The bond was payable to the bearer (whoever happened to have the bond in his or her possession), rather than to a specifically named individual. The face amount of the bond was $100, and the stated interest rate was 10 percent. According to the terms of the bond, it could be redeemed at any future time of the bearer’s choosing for its face value plus accumulated compound interest. Joan was anxious to discuss the terms of the bond with has professor and to use her calculator to determine what this bond was worth because only the amount “several million dollars” was mentioned during the show