3/7 Points) DETAILS PREVIOUS ANSWERS BRECMBC9 10.111.030. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Richie Powers in the owner of American Eagle Boats, a manufacturer of custom pleasure boats. Because of the economic recession and dow boat sales recently, American Eagle has begun accepting promissory notes from its dealers to help finance large orders. This morning American Eagle accepted a 90 day, 3.6% promissory note for $800,000 from one of its sales dealers You are a manager for a bank, and rochie is one of your clients. Your bank's discount rate is currently 11%. Richie's goal is to discount the note as soon as possible, but not until the proceeds are at least equal to the face value of the note, $800,000. (a) As his banket, Richie has asked you to run the number at ten day intervals starting with day 20 and advice him as to when be can discount the note and it reculi hilo Find the bank discount (In 8) for days 20,00, and 40, and indicate for each discount whither it is too higher whether it is low enough for Richle to discount the note and all 5500,000 receive his 5800,000 Day 20: 5795258 27 Day 30: $ 79835636 Day 40 $1001165 52 X too high X to high X low enough 90 (b) (Challenge Calculate the exact day the note should be discounted to meet Day 15 X Need Help? MY NOTES ASK YOUR TEACHER 1/1 Points) DETAILS PREVIOUS ANSWERS BRECMBC910.11. TB.001 19 AM