Word Problem Question 3: (You have to submit an image of your FULL solution to the question in eConestoga -> Course Tools -> Assignments [Midterm Submission]) A loan (promissory note) of $8,200 was made. It is to be paid back in 4 years with interest of 3.65% compounded quarterly. What would be the appropriate price to pay for the contract 6 months after the original contract date to yield the buyer 7.85% compounded semi-annually? Round you final answer to two decimals. Do not round intermediate steps. Do not include the dollar sign ($) in your answer. For example, $89.36 input as 89.36. Your Answer:
Word Problem Question 3: (You have to submit an image of your FULL solution to the question in eConestoga -> Course Tools -> Assignments [Midterm Submission]) A loan (promissory note) of $8,200 was made. It is to be paid back in 4 years with interest of 3.65% compounded quarterly. What would be the appropriate price to pay for the contract 6 months after the original contract date to yield the buyer 7.85% compounded semi-annually? Round you final answer to two decimals. Do not round intermediate steps. Do not include the dollar sign ($) in your answer. For example, $89.36 input as 89.36. Your Answer:
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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![Word Problem Question 3: (You have to submit an image of your FULL solution to
the question in eConestoga -> Course Tools -> Assignments [Midterm Submission])
A loan (promissory note) of $8,200 was made. It is to be paid back in 4 years with
interest of 3.65% compounded quarterly.
What would be the appropriate price to pay for the contract 6 months after the
original contract date to yield the buyer 7.85% compounded semi-annually? Round
you final answer to two decimals. Do not round intermediate steps.
Do not include the dollar sign ($) in your answer. For example, $89.36 input as 89.36.
Your Answer:
Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8558a982-9066-4a15-9b20-7fab623472c5%2Fbcff7ccd-8a96-4193-9db4-577483074b24%2Fvlwrl86_processed.png&w=3840&q=75)
Transcribed Image Text:Word Problem Question 3: (You have to submit an image of your FULL solution to
the question in eConestoga -> Course Tools -> Assignments [Midterm Submission])
A loan (promissory note) of $8,200 was made. It is to be paid back in 4 years with
interest of 3.65% compounded quarterly.
What would be the appropriate price to pay for the contract 6 months after the
original contract date to yield the buyer 7.85% compounded semi-annually? Round
you final answer to two decimals. Do not round intermediate steps.
Do not include the dollar sign ($) in your answer. For example, $89.36 input as 89.36.
Your Answer:
Answer
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