Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill by accepting a $4,800, 6%, 155-day note. On May 18, Shelly discounted the note at Roseville Bank at 11%. (Use Days in a year table.)What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to thenearest cent.)Proceeds received

Notes are financial instruments in which interest is paid on maturity along with principal amount.

Answered: Ron Prentice bought goods from Shelly…

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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Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time e lay note. On May 18, Shelly discounted the note at Roseville Bank at 11%. (Use Day What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round inte earest cent.) Proceeds received