Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Oa. 7.59% Ob. 7.08% Oc. 5.84% Od. 3.84%

Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Oa. 7.59% Ob. 7.08% Oc. 5.84% Od. 3.84%

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

Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note at a bank. The discount rate used
by the bank in computing the proceeds was
a. 7.59%
Ob. 7.08%
Oc. 5.84%
Od. 3.84%

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