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A $8920 note is signed, for 160 days at a discount rate of 6.5%. Find Proceeds.
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A $8920 note is signed, for 160 days at a discount rate of 6.5%. Find Proceeds.

User Sortofimport
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1 Answer

4 votes
8920*(1 -0.065*160/365) = 8665.84

Proceeds are $8665.84 . . . . . . assuming "exact" interest

_____
Proceeds will be $8662.31 if "ordinary" interest is used
User ITwenty
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