2. On 30 December 2020, Salina received a 90-day promissory note with a simple interest rate of 4.5%. She discounted the note after 32 days with a bank discount rate of 2.33%. The proceeds received was RM10,784.36. Using Banker's Rule. No use excel. Find: a) the maturity date of the note. b) the maturity value of the note.
2. On 30 December 2020, Salina received a 90-day promissory note with a simple interest rate of 4.5%. She discounted the note after 32 days with a bank discount rate of 2.33%. The proceeds received was RM10,784.36. Using Banker's Rule. No use excel. Find: a) the maturity date of the note. b) the maturity value of the note.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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2. On 30 December 2020, Salina received a 90-day promissory note with a simple interest rate
of 4.5%. She discounted the note after 32 days with a bank discount rate of 2.33%. The
proceeds received was RM10,784.36. Using Banker's Rule. No use excel. Find:
a) the maturity date of the note.
b) the maturity value of the note.
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