× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
r
4
L
4
3
d
3
M
3
l
3
V
3
s
3
d
3
a
3
g
3
j
3
New Topic  
gewusel gewusel
wrote...
Posts: 370
Rep: 0 0
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:
Read 654 times
1 Reply

Related Topics

Replies
wrote...
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
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  1663 People Browsing
Related Images
  
 1035
  
 219
  
 288
Your Opinion
Who will win the 2024 president election?
Votes: 119
Closes: November 4