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O n   M a y   11, 1993,   a   n o t e   d u e   o n  January 10, 1994  w a s   d i s c o u n t e d   at 12.12% simple discount. F i n d   t h e   e x a c t   s i m p l e   i n t e r e s t   r a t e   o f  10.75%  f o r   o n e   y e a r  and 3 months?  W h a t   i s   t h e   e x a c t   d i s c o u n t  r a t e ?

O n   M a y   11, 1993,   a   n o t e   d u e   o n  January 10, 1994  w a s   d i s c o u n t e d   at 12.12% simple discount. F i n d   t h e   e x a c t   s i m p l e   i n t e r e s t   r a t e   o f  10.75%  f o r   o n e   y e a r  and 3 months?  W h a t   i s   t h e   e x a c t   d i s c o u n t  r a t e ?

Essentials Of Investments
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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 O n   M a y   11, 1993,   a   n o t e   d u e   o n  January 10, 1994  w a s   d i s c o u n t e d   at 12.12% simple discount.
F i n d   t h e   e x a c t   s i m p l e   i n t e r e s t   r a t e   o f  10.75%  f o r   o n e   y e a r  and 3 months?  W h a t   i s   t h e   e x a c t   d i s c o u n t  r a t e ?
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