A ten-year promissory note dated April 1, 2001, with a face value of $4700.00 bearing interest at 7.2% compounded semi-annually, discounted seven years later when money was worth 9.92% compounded monthly. Find the proceeds. $ 7064.9 O $74537.57 O $ 7088.88

A ten-year promissory note dated April 1, 2001, with a face value of $4700.00 bearing interest at 7.2% compounded semi-annually, discounted seven years later when money was worth 9.92% compounded monthly. Find the proceeds. $ 7064.9 O $74537.57 O $ 7088.88

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A ten-year promissory note dated April 1, 2001, with a face value of $4700.00
bearing interest at 7.2% compounded semi-annually, discounted seven years
later when money was worth 9.92% compounded monthly. Find the proceeds.
O $ 7064.9
O $74537.57
$ 7088.88
$7493.87

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