A man holds a note of$4,000that has an interest rate of11%annually. The note was made on March17and is due November12.He sells the note to a bank on June13at a discount rate of10%annually. Find the proceeds on the third-party discount note. (Use the banker's rule.) The proceeds are?

Name: A man holds a note of$4,000that has an interest rate of11%annually.
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Description: A man holds a note of$4,000that has an interest rate of11%annually. The note was made on March17and is due November12.He sells the note to a bank on June13at a discount rate of10%annually. Find the proceeds on the third-party discount note. (Use

We need to find the maturity value and the bank discount value to find the proceeds.

Answered: A man holds a note of $4,000 that has…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A man holds a note of

$4,000

that has an interest rate of

11%

annually. The note was made on March

and is due November

12.

He sells the note to a bank on June

at a discount rate of

10%

annually. Find the proceeds on the third-party discount note. (Use the banker's rule.)

The proceeds are

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