An interest-bearing note for 118 days at 6.4% p.a. simple interest has a face value of $4053. If the note is settled in 50 days at discounted rate of 12.5% p.a., calculate the proceeds. Write your answer rounded to two decimal places.
An interest-bearing note for 118 days at 6.4% p.a. simple interest has a face value of $4053. If the note is settled in 50 days at discounted rate of 12.5% p.a., calculate the proceeds. Write your answer rounded to two decimal places.
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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![An interest-bearing note for 118 days at 6.4% p.a. simple interest has a face value of $4053. If the note is settled in 50 days at a
discounted rate of 12.5% p.a., calculate the proceeds.
Write your answer rounded to two decimal places.
Answer:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F621dfc9a-37de-482b-9832-2e9de32f871d%2Fbfc88e72-6ba7-46a9-84dd-6e79be5811c8%2Fjd2wxb_processed.png&w=3840&q=75)
Transcribed Image Text:An interest-bearing note for 118 days at 6.4% p.a. simple interest has a face value of $4053. If the note is settled in 50 days at a
discounted rate of 12.5% p.a., calculate the proceeds.
Write your answer rounded to two decimal places.
Answer:
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