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A five-year, $2000 note bearing interest at 7% compounded annually was discounted at 12% compounded semi-annually yielding proceeds of $2595.42. How many months before the
A five-year, $2000 note bearing interest at 7% compounded annually was discounted at 12% compounded semi-annually yielding proceeds of $2595.42. How many months before the due date was the discount date?
A five-year, $2000 note bearing interest at 7% compounded annually was discounted at 12% compounded semi-annually yielding proceeds of $2595. How many months before the due date was the discount date? The discount date was months before the due date. (Round to the nearest month.)Step by Step Solution
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