Ron Prentice bought goods from Shelly Katz. On April 16, Shelly gave Ron a time extension on his bill by accepting a $3,025, 9%, 16 day note. On July 24, Shelly discounted the note at Roseville Bank at 11%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Proceeds received
Ron Prentice bought goods from Shelly Katz. On April 16, Shelly gave Ron a time extension on his bill by accepting a $3,025, 9%, 16 day note. On July 24, Shelly discounted the note at Roseville Bank at 11%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Proceeds received
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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Transcribed Image Text:Ron Prentice bought goods from Shelly Katz. On April 16, Shelly gave Ron a time extension on his bill by accepting a $3,025, 9%, 160-
day note. On July 24, Shelly discounted the note at Roseville Bank at 11%. (Use Days in a year table.)
What proceeds does Shelly Katz receive?
Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
Proceeds received
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