× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
t
7
m
6
k
6
F
5
j
5
t
5
j
5
G
5
f
5
a
5
d
5
c
5
New Topic  
Hillier Hillier
wrote...
Posts: 550
Rep: 5 0
6 years ago
A $4300.00 promissory note issued without interest for nine years on September 30, 2001, is discounted on July 31, 2006, at 8.32% compounded quarterly. Find the compound discount.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
Read 88 times
2 Replies

Related Topics

Replies
wrote...
6 years ago
Due date: 2010-09-30
Discount period: 2006-07-31 to 2010-09-30: 4 years 2 months
n = (4 +  )4 = 16.6666667 i = 8.32%/4 = 0.0208
Proceeds = 4300.00(1.0208)-16.6666667 = 4300.00(.7095598) = 3051.11
Discount = 4300.00 - 3051.11 = $1248.89
Hillier Author
wrote...
6 years ago
Correct, thank you
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  1047 People Browsing
Related Images
  
 522
  
 1604
  
 627
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 378