When discounted to yield 9.2% compounded quarterly, a $6,600 four-year promissory note bearing interest at 12.6% compounded semiannually was priced at $8,571.44. How long after the issue date did the discounting take place? (Do not round the intermediate calculations. Round your answer to the nearest month.) The discounting took place year(s) and month(s) after issue.
When discounted to yield 9.2% compounded quarterly, a $6,600 four-year promissory note bearing interest at 12.6% compounded semiannually was priced at $8,571.44. How long after the issue date did the discounting take place? (Do not round the intermediate calculations. Round your answer to the nearest month.) The discounting took place year(s) and month(s) after issue.
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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When discounted to yield 9.2% compounded quarterly, a $6,600 four-year promissory note bearing interest at 12.6% compounded semiannually was priced at $8,571.44.
How long after the issue date did the discounting take place? (Do not round the intermediate calculations. Round your answer to the nearest month.)
The discounting took place year(s) and month(s) after issue.
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