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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Question
Transcribed Image Text:23 Business Mathematics II 02 (BINM Group 2)
An interest-bearing note for 90 days at 8% p.a. has a face value of $80,000. If the note is discounted
70 days from maturity at a rate of 10% p.a., calculate the amount of proceeds.
a. $80,043.01
b. $81,043.01
O C. $70,043.01
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