A man holds a note of $5,000 that has an interest rate of 11% annually. The note was made on March 17 and is due November 14. He sells the note to a bank on June 13 at a discount rate of 10% annually. Find the proceeds on the third-party discount note. (Use the banker's rule.) Click the icon for a table of sequential numbers for dates of the year. The proceeds are $ (Round the final answer to the nearest hundredth as needed. Round all intermediate values to the nearest hundredth as needed.)
A man holds a note of $5,000 that has an interest rate of 11% annually. The note was made on March 17 and is due November 14. He sells the note to a bank on June 13 at a discount rate of 10% annually. Find the proceeds on the third-party discount note. (Use the banker's rule.) Click the icon for a table of sequential numbers for dates of the year. The proceeds are $ (Round the final answer to the nearest hundredth as needed. Round all intermediate values to the nearest hundredth as needed.)
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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Sub : Finance
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Transcribed Image Text:A man holds a note of $5,000 that has an interest rate of 11% annually. The note was made on March 17 and is due November 14. He sells
the note to a bank on June 13 at a discount rate of 10% annually. Find the proceeds on the third-party discount note. (Use the banker's rule.)
Click the icon for a table of sequential numbers for dates of the year.
The proceeds are $
(Round the final answer to the nearest hundredth as needed. Round all intermediate values to the nearest hundredth as needed.)
Transcribed Image Text:Day of Month Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
182 213 244 274 305 335
275 306 336
153
183
123 154 184
214 245
215 246
276 307 337
124 155
247
277 308 338
248 278 309 339
279
310
340
280 311
341
281 312
342
129 160 190 221 252 282 313 343
283 314
344
284 315
345
285 316
346
132 163 193 224 255
133 164 194 225 256 286 317 347
134 165 195 226 257 287 318 348
135 166 196 227 258 288 319 349
197
228
259 289
320
350
198
229
260 290 321
351
199
230
261 291 322 352
353
354
间 60 引酸3456
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丽
0 32 33 34 35 36 3S 38 39 0 = 2 3 4 45 46 7 8 49 50
的
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1234567890123456789201222324258 7 28 29 30 31 ㎜
TNR45L78及
80
6781920122 23 24 25 25 27 28 29 30 31
52 53545556758
1酸3456幻8990
59
1234
2
4
5
6
7
8
9
10
11
12
13
14
15
26
37
27
40
41
42
43
44
47
48
51
72
62 93
77
91 121 152
92 122
82
185 216
125 156 186 217
126 157 187
97 127 158 188
128 159 189
94
95
96
98
99
100 130 161 191 222 253
101 131 162 192 223 254
102
103
231 262 292 323
232
263 293 324
233
264 294 325
355
234
265 295 326 356
204 235 266 296 327 357
205 236 267 297 328 358
206 237
207 238
268 298 329 359
269 299 330 360
361
208
239
270
300 331
118
148
240
271
241 272
119 149
120 150
151
242
273
212
243
304
Day of Month Jan. Feb. Mar. Apr. May June July Aug Sept. Oct. Nov.
104
105
106 136 167
107 137 168
108 138 169
109 139
140
141
142
143
144
110
111
112
113
114
115
116
117
145
146
147
218 249
219 250
220 251
170
200
171 201
172
202
173 203
174
175
176
177
178
179
209
180
210
181 211
301 332 362
302 333
363
303 334
364
365
Dec.
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