Drill Problem 11-5 (Static) [LU 11-2 (1, 2)]Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. face value(principal) $50000rate interest =11% length of note= 95 days maturity value=?date of note=june 10date note discounted= July 18discount period=?bank discount=?proceeds=?
Drill Problem 11-5 (Static) [LU 11-2 (1, 2)]Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. face value(principal) $50000rate interest =11% length of note= 95 days maturity value=?date of note=june 10date note discounted= July 18discount period=?bank discount=?proceeds=?
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
Drill Problem 11-5 (Static) [LU 11-2 (1, 2)]
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.)
Note: Do not round intermediate calculations. Round your final answers to the nearest cent.
face value(principal) $50000
rate interest =11%
length of note= 95 days
maturity value=?
date of note=june 10
date note discounted= July 18
discount period=?
bank discount=?
proceeds=?
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