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can someone please explain how they got that answer. thank you You are given a nominal discount of 12% convertible quarterly. Determine the present value

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can someone please explain how they got that answer. thank you

You are given a nominal discount of 12% convertible quarterly. Determine the present value on 1/1/2010 of $20,000 to be paid on 1/1/2015. Selected Answer: >$11,000 but $10,500 but $10, 750 but $11,000 but$11,250

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