Question

Solve the problem. A $8920 note is signed, for 160 days, at a discount rate of 6.5 % Find the proceeds.

Answer 1

$101,688

Explanation:

We are given that a $8920 note is signed, for 160 days, at a discount rate of 6.5% and we are to find the proceeds.

For this, we can use the following formula:

`F = P (1 + rn)`

where
`r` is the discount rate,

`n` is the number of days; and

`p` is the original amount.

Substituting the given values in the formula:

`F = 8920(1+0.065*160)`

F = $101,688

Answer 2

Hello!

The answer is $101688

Why?

Since there is not enough information about the rate, let's assume that it's a daily rate.

Calculations

Let's say:

P : Proceeds

o : original amount

d : number of days

r : percentual rate

So,

`P = o + o*(r*d)\\`

Let's make the percentual rate (6,5%) a real number by dividing into 100,

`(6,5)/(100)=0,065`

By substituting, we have

`P = $8920 + $8920*(0,065*160)= 8920 + 8920*10,4\\P= $8920 + $92768 = $101688`

`P =` $101688

Have a nice day!