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Home Q & A Board Science-Related Homework Help Mathematics
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gewusel gewusel
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6 years ago
A $5000.00, six-year note bearing interest at 8.24% compounded quarterly, discounted three and a half years after the date of issue at 6.6% compounded monthly. Find the proceeds.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
Maturity value:
PV = 5000.00; m = 4; i =   = .0206; n = 6 * 4 = 24
FV = 5000.00(1 + .0206)24 = 5000.00(1.6312989) = $8156.49
Proceeds:
Discount period = 6 - 3.5 = 2.5 years
FV = 8156.49; m = 12; i =   = .0055; n = 2.5 * 12 = 30
PV = 8156.49(1 + .0055)-30 = 8156.49(.8482771) = $6918.96
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