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Assuming a 360-day year, proceeds of $45,847 were received from discounting a $46,623, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was:

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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Assuming a 360-day year, proceeds of $45,847 were received from discounting a $46,623, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was:

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