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A non-interest bearing promissory note for $1735.00 was discounted at 6% p.a. compounded quarterly. If the proceeds of the note were $1509.00, how long
A non-interest bearing promissory note for $1735.00 was discounted at 6% p.a. compounded quarterly. If the proceeds of the note were $1509.00, 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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