A ten-year promissory note dated April 1, 2011, with a face value of $700.00 bearing interest at 7% ...

majarm

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A ten-year promissory note dated April 1, 2011, with a face value of $700.00 bearing interest at 7% ...

A ten-year promissory note dated April 1, 2011, with a face value of $700.00 bearing interest at 7% compounded semi-annually, discounted six years later when money was worth 8.5% compounded monthly. What are the proceeds?
A) $1392.85
B) $992.58
C) $998.38
D) $498.84
E) $250.70

Textbook

Contemporary Business Mathematics with Canadian Applications

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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