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gewusel gewusel
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6 years ago
A six-month promissory note dated November 8, 2013 is made at 6% for $2900.00. What is the present value of the note thirty-eight days later if money is worth 7.2%?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
Legal due date is May 11, 2014.
Interest period November 8, 2013 to May 11, 2014 is 184 days
S = 2900  = $2987.72
Discount period is 184 - 38 = 146 days
Present value: P =   = $2904.08
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