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A non-interest bearing promissory note for $1490.00 was discounted at 6% p.a. compounded monthly. If the proceeds of the note were $1311.00, how long before
A non-interest bearing promissory note for
$1490.00
was discounted at
6%
p.a. compounded
monthly.
If the proceeds of the note were
$1311.00,
how long before the due date was the note discounted? State your answer in years and months(from 0 to 11 months).
The note was discounted
year(s) and
month(s) before the due date.
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