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.