Marina signed a simple discount note on September 1. The discount rate o banker's method which uses 300 days i O$12,581.09 O $12,192.61 $11,987.91 O$12,975.08 and has a maturity date of December 31, if the proceeds of the note are $12,000, find the face value the

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
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1. Marina signed a simple discount note on September 1. The discount rate on the note is 4.7% and has a maturity date of December 31, if the proceeds of the note are $12,000, find the face value. (Use the
banker's method which uses 360 days in a year)
O$12,581.00
$12,192.61
$11,987.91
O$12,975.08
Transcribed Image Text:Toppen 1. Marina signed a simple discount note on September 1. The discount rate on the note is 4.7% and has a maturity date of December 31, if the proceeds of the note are $12,000, find the face value. (Use the banker's method which uses 360 days in a year) O$12,581.00 $12,192.61 $11,987.91 O$12,975.08
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