jvbeverly jvbeverly

17-03-2018
Mathematics

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A $8920 note is signed, for 160 days at a discount rate of 6.5%. Find Proceeds.

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sqdancefan sqdancefan

19-03-2018

8920*(1 -0.065*160/365) = 8665.84

Proceeds are $8665.84 . . . . . . assuming "exact" interest

_____
Proceeds will be $8662.31 if "ordinary" interest is used

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