On 15h March 2003, Marina received a 100-day promissory note with a simple interest rate of 10% per annum. On 11th May 2003, she discounted the note at a discount rate 9% and received proceeds of RM2897.68. Find a) the maturity date (23 June 2003) b) the maturity value (RM2929.17) c) the value of bank discount (RM31.49) d) the face value (RM2850) e) the simple interest rate that is equivalent to the discount rate (9.1%)
On 15h March 2003, Marina received a 100-day promissory note with a simple interest rate of 10% per annum. On 11th May 2003, she discounted the note at a discount rate 9% and received proceeds of RM2897.68. Find a) the maturity date (23 June 2003) b) the maturity value (RM2929.17) c) the value of bank discount (RM31.49) d) the face value (RM2850) e) the simple interest rate that is equivalent to the discount rate (9.1%)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TUTORIAL PROMIS
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October 2003
On 15h March 2003, Marina received a 100-day promissory note with a simple interest rate
of 10% per annum. On 11 May 2003, she discounted the note at a discount rate 9% and
received proceeds of RM2897.68.
Find a) the maturity date (23 June 2003) b) the maturity value (RM2929.17) c) the value ol
bank discount (RM31.49) d) the face value (RM2850) e) the simple interest rate that is
equivalent to the discount rate (9.1%)
April 2008](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ed36922-6fdc-4573-8f6a-92a12e8cc77f%2F24156b21-d0c3-4c1e-a641-a38eedd01dcd%2Ftyugaap_processed.png&w=3840&q=75)
Transcribed Image Text:Accounting
9 TUTORIAL PROANSSCRY NOTES AND BANK DISCOUNTpaf Adobe Acrobat Rerder DC (64-bit
File Ee Vie
Sign Windo Help
TUTORIAL PROMIS
100%
October 2003
On 15h March 2003, Marina received a 100-day promissory note with a simple interest rate
of 10% per annum. On 11 May 2003, she discounted the note at a discount rate 9% and
received proceeds of RM2897.68.
Find a) the maturity date (23 June 2003) b) the maturity value (RM2929.17) c) the value ol
bank discount (RM31.49) d) the face value (RM2850) e) the simple interest rate that is
equivalent to the discount rate (9.1%)
April 2008
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